Gold prices in India kicked off December 2025 on a strong note, trading close to record levels in both the physical market and on the Multi Commodity Exchange (MCX). Global bullion is hovering above $4,200 an ounce, while domestic 24-carat gold is around ₹13,000 per gram across major cities, supported by safe-haven demand, expectations of US Federal Reserve rate cuts, and robust wedding-season buying. Goodreturns
Below is a detailed look at today’s gold price in India (1 December 2025), the latest city-wise rates, what’s driving the rally, and what analysts are forecasting for 2026.
Gold Price in India Today: Key Snapshot (1 December 2025)
Based on price trackers and major news outlets publishing on 1 December 2025, here’s the national picture: Goodreturns
- 24K gold (999): ~₹13,048 per gram (national benchmark), up about ₹66 per gram versus the previous trading day.
- 22K gold: ~₹11,960 per gram, up around ₹60 per gram day-on-day.
- 18K gold: ~₹9,786 per gram, higher by roughly ₹49 per gram.
- Over the last ten days, domestic 24K prices have climbed from about ₹12,846 to ₹13,048 per gram, continuing a strong November uptrend. Goodreturns
In rupee terms, gold has risen close to 60% so far in 2025, with many brokerages and research desks noting one of the strongest yearly performances in decades. Angel One
City-Wise Gold Rates on 1 December 2025
Retail gold prices vary slightly by city due to local taxes, logistics, and jeweller premiums. Data compiled from GoodReturns-linked trackers and multiple media reports gives the following indicative per-gram rates for 1 December 2025: The Indian Express
24K gold (per gram):
- Delhi: ~₹13,063
- Mumbai: ~₹13,048
- Kolkata: ~₹13,048
- Bengaluru: ~₹13,048
- Chennai: ~₹13,167 (among the highest in major metros)
22K gold (per gram):
- Delhi: ~₹11,975
- Mumbai: ~₹11,960
- Kolkata: ~₹11,960
- Bengaluru: ~₹11,960
- Chennai: ~₹12,070
Across most tier‑1 cities, 24K gold is clustered in a tight band around ₹13,050–₹13,170 per gram, while 22K is around ₹11,950–₹12,070 per gram. Smaller cities show similar levels with marginal deviations.
MCX Gold Futures and Global Prices
MCX: Futures near ₹1.3 lakh per 10 grams
On the futures side, MCX gold for February 2026 continued its rally:
- MCX February 2026 gold futures: around ₹1,30,500–₹1,30,600 per 10 grams intraday on 1 December, up nearly 0.8–1% versus the previous close near ₹1,29,504 per 10 grams. Moneycontrol
Other reports earlier in the day put spot/futures levels in the ₹1,29,000–₹1,30,000 per 10 grams range in Delhi and Mumbai, reflecting strong but slightly volatile trade as bullion digested global cues. NDTV Profit
Global gold prices above $4,200/oz
Internationally, gold is trading not far from its recent record:
- Spot gold: roughly $4,230–$4,260 per ounce on 1 December 2025. Trading Economics
- Over the past month, gold has gained around 6%, and is up more than 60% year‑on‑year in dollar terms. Trading Economics
Using an exchange rate around ₹89.3 per US dollar, this spot price range works out to roughly ₹1.21–1.22 lakh per 10 grams of pure gold before duties and local premiums — slightly below the level at which MCX contracts are trading, which is consistent with Indian import duties, GST, and retail margins. The Economic Times
Why Are Gold Prices in India Rising Right Now?
Analysts and market commentators point to a combination of global macro drivers and India-specific factors behind today’s high prices.
1. Fed rate-cut expectations and a weaker dollar
- Moneycontrol notes that spot gold is firm as traders price in a high probability of US Federal Reserve rate cuts, with markets watching a speech by Fed Chair Jerome Powell for confirmation of the easing path. Moneycontrol
- NDTV Profit similarly highlights that expectations of rate cuts have kept gold on course for its strongest annual gain since the late 1970s, supported by ETF inflows and central bank buying. NDTV Profit
Lower real interest rates reduce the “opportunity cost” of holding non‑yielding assets like gold, making bullion more attractive relative to bonds and cash deposits.
2. Central bank & ETF demand
- Reuters reports that Morgan Stanley expects continued buying of gold-backed ETFs and steady central bank purchases, even if the pace moderates, as a key support to prices into 2026. Reuters
- Several global houses also flag sustained central bank diversification away from the US dollar as a structural pillar of the gold bull market. The Economic Times
3. Domestic demand: wedding season & cultural buying
India remains one of the world’s biggest physical gold markets, and December is peak wedding season:
- Moneycontrol and brokerage commentaries highlight strong jewellery demand, with the India Bullion & Jewellers Association (IBJA) pointing to steady buying even at elevated prices. Moneycontrol
- Angel One notes that while gold rose modestly on the day, silver nearly doubled over 11 months, underlining broad enthusiasm for precious metals among Indian investors. Angel One
With weddings, year‑end gifting and festivals continuing into December, jewellers have so far seen limited pushback from consumers on higher prices.
4. Rupee depreciation and imported inflation
Gold is priced in dollars globally but paid for in rupees in India. The rupee’s weakness against the US dollar through 2025 has magnified gold’s gains for Indian buyers:
- Economic Times’ commodity dashboard shows USD/INR around 89.3, a historically weak level that inflates local bullion prices when converted from dollar terms. The Economic Times
Even if global prices were to stabilize in dollars, any further rupee depreciation would keep domestic gold rates elevated.
5. Geopolitical uncertainty and risk-off sentiment
Reports from Indian and global outlets consistently mention geopolitical tensions and macro uncertainty — including Russia‑Ukraine developments, trade frictions, and growth worries — as a backdrop that supports safe‑haven assets like gold. The Times of India
Short-Term Outlook: RBI, Fed and Weekly Trade Setups
Analysts see gold near historic highs in the coming week
A Times of India outlook piece published on 30 November says gold is poised to trade near historic highs as markets track US manufacturing and services PMIs, jobs data, Powell’s speech, and the upcoming RBI Monetary Policy Committee (MPC) decision. The Times of India
Livemint echoes this, noting that gold prices are likely to remain firm — or even rise further — in the first week of December as traders reposition ahead of: mint
- The US Fed policy commentary
- The RBI’s policy announcement
- Ongoing geopolitical and macroeconomic headlines
MCX support & resistance levels
An Economic Times commodities report on 1 December cites analysts who expect: The Economic Times
- Support for MCX gold around ₹1,28,200–₹1,27,700 per 10 grams
- Resistance around ₹1,30,300–₹1,31,200 per 10 grams
The same report suggests a near-term “buy on dips” approach for traders, albeit with tight stop losses due to heightened volatility.
Rate-cut odds and volatility risk
Moneycontrol, quoting CME FedWatch data, points out that the probability of aggressive Fed cuts in 2026 (down to 3.5–3.75% Fed funds) has risen sharply over the past week — a key reason gold and especially silver are rallying. Moneycontrol
However, NDTV Profit cites Macquarie strategists who warn that after a roughly 50% year‑to‑date surge, gold could see some cooling as: NDTV Profit
- Global growth shows early signs of recovery
- Central bank easing cycles near their end
- Real interest rates stay comparatively high
In short, the near‑term bias remains upward but choppy, with any hawkish surprise from central banks or a faster‑than‑expected growth rebound posing correction risks.
2026 Forecasts: Can Gold in India Cross ₹1.5 Lakh per 10 Grams?
With domestic prices already around ₹1.30 lakh per 10 grams, many Indian buyers are asking whether gold could reach ₹1.5 lakh in 2026.
What global banks are saying
A recent Economic Times roundup of major global banks’ forecasts notes that: The Economic Times
- Several institutions project 5–20% further upside in gold over the next year.
- The same forces that drove gold to record highs in 2025 — central bank buying, inflation concerns, and worries over the US economy and trade tariffs — are expected to persist into 2026.
Key examples from recent research:
- Morgan Stanley sees potential for gold to reach $4,500/oz by mid‑2026, citing strong ETF and central bank demand amid an uncertain economic outlook. Reuters
- JPMorgan, referenced in a Tribune analysis, expects prices to hit around $4,000/oz by Q2 2026, with central bank purchases averaging roughly 710 tonnes per quarter and the possibility of an overshoot if conditions worsen. The Tribune
- A Business Insider piece quotes Wall Street forecasters suggesting gold could surge another ~20% into 2026, led by central bank buying and Fed rate cuts. Business Insider
Converting forecasts into Indian price levels
Using the same USD/INR assumption (~₹89.3 per dollar):
- $4,000/oz implies roughly ₹1.15 lakh per 10 grams of pure gold.
- $4,500/oz implies roughly ₹1.29 lakh per 10 grams — close to where MCX is already trading today.
- $5,000/oz (some of the more aggressive forecasts) would translate to roughly ₹1.43 lakh per 10 grams, beforeconsidering changes in the rupee or domestic duties.
(In practice, any additional rupee weakness or duty hikes could push Indian retail prices closer to or even above ₹1.5 lakh per 10 grams in a bullish global scenario.)
However, not all forecasters are uniformly bullish. NDTV’s coverage of Macquarie’s view suggests that after such a strong run, prices could consolidate or even pull back if growth stabilises and rate-cut expectations moderate. NDTV Profit
What Today’s Gold Price Means for Indian Buyers and Investors
Whether you should buy gold at these levels depends on why you’re buying and your time horizon.
1. Jewellery and wedding purchases
For weddings and cultural commitments, gold is often non‑negotiable:
- With prices near record highs, families may adjust by opting for lighter pieces, higher 22K share versus 24K, or more intricate designs that use less metal.
- If your purchase is date‑bound (fixed wedding or function), trying to perfectly time the market is risky; a staggered buying approach over a few weeks can reduce the impact of day-to-day volatility.
2. Long-term investment (3–10 years+)
For long-term savers, gold remains primarily a hedge against inflation, currency risk and geopolitical shocks, not a quick‑return asset.
General ideas (not personal advice):
- Consider financial gold — Gold ETFs, gold mutual funds, or Sovereign Gold Bonds (SGBs) — instead of jewellery if your goal is pure investment. These avoid making charges and offer easier liquidity.
- Keep gold to a moderate share of your portfolio (many advisors suggest 5–15%, depending on risk profile and existing real-asset exposure).
- Avoid making decisions based solely on 12‑month forecasts; instead, think in terms of diversification and protection against tail risks.
3. Short-term traders on MCX
If you are trading via futures or options on MCX:
- Respect the support–resistance zones around ₹1,28,000–₹1,31,000 per 10 grams highlighted by several brokerages. The Economic Times
- Use strict stop losses; volatility is high because every new jobs print, Fed comment or RBI hint can move gold sharply intraday.
- Silver’s surge to fresh records — above ₹1.77–1.88 lakh per kg in India and around $57/oz globally — shows how quickly sentiment can swing across precious metals. Moneycontrol
Important: Nothing here is personalised investment advice. Always consider your own financial goals, risk tolerance and tax situation, or consult a SEBI-registered adviser before making decisions.
Key Takeaways on Gold Price in India – 1 December 2025
- 24K gold in India is trading near ₹13,048 per gram, with 22K around ₹11,960 per gram, marking another day of gains after a strong November. Goodreturns
- MCX gold futures for February 2026 are oscillating near ₹1.30 lakh per 10 grams, tracking global prices above $4,200/oz and a weaker rupee. Moneycontrol
- The rally is driven by Fed rate‑cut expectations, central bank and ETF demand, rupee depreciation and robust Indian wedding-season buying. Moneycontrol
- Short-term outlook: Analysts expect gold to stay firm to positive but volatile around central bank meetings and key US data releases. The Times of India
- 2026 forecasts from major global banks suggest anywhere from 5% to 20% potential upside from 2025 levels, though some houses warn that the near‑term peak may already be close. The Tribune
For Indian households and investors, the message is clear: gold is shining brighter than it has in years, but the higher prices go, the more important it becomes to be disciplined — about how much you buy, in what form, and for what purpose.
