New Delhi | December 22, 2025 — Gold and silver prices surged on Monday, with both metals touching fresh records globally and sparking a sharp rally in India’s derivatives market. Gold gained on expectations that the US Federal Reserve may continue easing as early as January, while silver’s momentum was amplified by tight supply narratives and a broad rush into “hard assets” as investors head into year-end. mint
What’s happening in the market today
India’s Multi Commodity Exchange (MCX) opened the week with strong upside:
- MCX Gold (February futures) rose 0.77% to about ₹1,35,224 per 10 grams in early trade. mint
- MCX Silver (March futures) jumped 2.39% to around ₹2,13,412 per kg, after hitting a record intraday high of ₹2,13,844 per kg. mint
Globally, the rally was even more headline-grabbing:
- Spot gold climbed to a new all-time high around $4,384–$4,392 per ounce. Reuters
- Spot silver touched a historic peak near $69.23 per ounce, extending a year-long surge. Reuters
Why gold and silver are climbing on December 22
Several forces are lining up behind the move:
1) Fed rate-cut expectations are back in focus
Markets have been leaning toward additional US rate cuts next year, which typically supports non-yielding assets like gold and silver because the “opportunity cost” of holding them falls as interest rates decline. Reuters
2) Safe-haven demand is staying elevated
Investors continue to treat gold as a hedge against uncertainty, with ongoing geopolitical and trade-related risks sustaining demand. Reuters noted safe-haven buying as a key driver, and Indian market commentary echoed the same theme. Reuters
3) Central bank buying and “record-year” momentum
Gold’s 2025 performance has been exceptional: Reuters reported the metal is up about 67% in 2025, marking its largest annual rise since 1979. Silver has outpaced even that, with Reuters pointing to about 138% year-to-date gains. Reuters
4) Silver’s extra tailwinds: inflows + supply constraints
Silver’s move is not just “gold sympathy.” Reuters highlighted strong investment inflows and supply constraints as factors tightening the market, helping silver outperform across 2025. Reuters
India retail gold rate today: 18K, 22K and 24K prices in major cities
Retail rates can vary by city, jeweller premiums, and taxes. Still, the day’s indicative benchmarks showed gold rising again on December 22 after a flatter patch.
Below are indicative rates (per 10 grams) based on city updates:
- Delhi: 24K ₹1,35,430 | 22K ₹1,24,050 | 18K ₹1,01,610 Goodreturns
- Mumbai: 24K ₹1,35,280 | 22K ₹1,24,000 | 18K ₹1,01,460 Goodreturns
- Chennai: 24K ₹1,36,150 | 22K ₹1,24,800 | 18K ₹1,04,200 Goodreturns
- Kolkata: 24K ₹1,35,280 | 22K ₹1,24,000 | 18K ₹1,01,460 Goodreturns
A key detail for consumers: in Delhi, the city series showed gold was flat on December 21 and December 20, then moved higher on December 22—a pattern consistent with a sharp Monday jump after the weekend. Goodreturns
Silver rate today in India: city checks
Silver prices also jumped across cities:
- Delhi:₹2,19,000 per kg (₹219/g) Goodreturns
- Mumbai:₹2,19,000 per kg (₹219/g) Goodreturns
- Chennai:₹2,31,000 per kg (₹231/g) Goodreturns
In physical markets, there were also signs of profit-taking after the record run. India Today reported Delhi’s spot silver eased from record levels late last week, a reminder that even in a strong trend, volatility remains high. India Today
Key levels to watch: MCX gold and MCX silver (support and resistance)
With prices at or near records, traders tend to focus on technical “zones” for support and resistance—areas where buying or selling often intensifies.
According to analyst commentary cited by Mint:
- Gold (international levels): support around $4,320 / $4,285, resistance near $4,400 / $4,425 (one analyst set). mint
- Gold (MCX / INR levels): support around ₹1,33,550–₹1,33,010, resistance near ₹1,35,350–₹1,35,970 (one analyst set). mint
- Silver (international levels): support around $66.40 / $65.75, resistance around $67.20 / $68 (one analyst set). mint
- Silver (MCX / INR levels): support around ₹2,07,450–₹2,06,280, resistance near ₹2,09,810–₹2,10,970 (one analyst set). mint
Another set of levels in the same report placed MCX gold resistance near ₹1,35,500 and MCX silver resistance around ₹2,12,000. mint
Also flagged: one expert cited by Mint suggested MCX gold could test ₹1,36,000 per 10 grams if bullish momentum stays intact. mint
The “bullion close” snapshot: Bengaluru rates from PTI feed
A PTI closing bulletin carried by Rediff for Bengaluru (Saturday close, Dec 20) showed:
- 22K gold:₹12,670 per gram
- 24K gold:₹13,820 per gram
- Silver:₹2,15,700 per kg Rediff
These figures can differ from other retail trackers because they reflect a specific city’s closing market quote and may not match jeweller prices (which often include making charges, GST, and local premiums).
What could move gold and silver next
Even after record highs, the next leg up (or a pullback) often hinges on a few immediate catalysts:
- US data prints and Fed expectations: Traders are watching upcoming US releases that could shift rate-cut probabilities, keeping precious metals sensitive to macro headlines. India Today
- Year-end positioning: Reuters cited caution about possible profit-taking and thinner liquidity into the year-end stretch—conditions that can exaggerate price swings. Reuters
- Rupee movement: Since India imports most of its gold, USD/INR matters. Reuters reported the rupee has recently been supported by RBI intervention, a factor that can moderate the pace of domestic price spikes if sustained. Reuters
Ripple effects: silver’s rally spills into related stocks
The silver surge is also showing up beyond bullion. The Economic Times reported Hindustan Zinc shares rose to a fresh 52-week high as silver hit record levels internationally and on MCX, underscoring how commodity strength can spill into producer-linked equities. The Economic Times
Bottom line
On December 22, 2025, gold and silver are being powered by a rare combination: record global prices, rate-cut optimism, safe-haven demand, and strong trend momentum, with India’s MCX reflecting the surge in real time. For consumers, the near-term story is simple but important: expect higher daily volatility, check city-level rates, and remember that the final jewellery bill can differ meaningfully once GST and making charges are added. Goodreturns
