Gold Price Today (24 Dec 2025): Gold Breaks $4,500, MCX Hits ₹1.38 Lakh; Silver Jumps ₹9,400 in Jaipur

Gold and silver ended Wednesday, December 24, 2025 on an unmistakably bullish note, capping what traders are calling a full-blown precious-metals frenzy—from global spot markets to India’s MCX and even local sarafa counters in Jaipur.

Globally, gold surged past $4,500 an ounce for the first time, while silver hit a fresh all-time high and platinum also touched record levels as investors piled into “hard assets” amid escalating geopolitical uncertainty and expectations that U.S. interest rates could fall further in 2026. ^[1]

In India, the rally translated into new peak levels on MCX for both bullion heavyweights. And in Jaipur—one of the country’s most-watched physical markets—silver reportedly jumped ₹9,400 in a single day, while gold rose ₹600, underscoring how fast the momentum is filtering into real-world buying and selling prices. ^[2]

What does it all mean for the big investor question now trending into year-end: Gold vs Silver—who’s better placed for returns in 2026?

Gold tops $4,500 as investors rush to safe havens

On Dec. 24, global gold prices pushed into uncharted territory. Spot gold hit a record $4,525.19 per ounce, while U.S. gold futures also touched historic peaks. Silver climbed to an all-time high of $72.70 per ounce, and platinum reached $2,377.50, with palladium also jumping sharply. ^[3]

According to market commentary cited in reports, the surge has been fueled by a potent mix of:

Geopolitical uncertainty and renewed conflict risk
Global trade tensions
Expectations of U.S. interest-rate cuts in 2026
A broader push toward diversifying away from the U.S. dollar and into tangible stores of value ^[4]

A striking headline number: gold was reported to be up more than 70% year-to-date, while silver was up more than 150%—a scale of annual performance that market observers described as the strongest since 1979 for both metals. ^[5]

MCX Gold Price hits ₹1,38,676 as silver approaches ₹2.25 lakh per kg

The international rally echoed powerfully in India’s derivatives market.

A Dainik Jagran update said that by 2:15 pm on Dec. 24, the MCX gold contract (5 Feb 2026 expiry) was trading near ₹1,38,417 per 10 grams, after gaining ₹532. During the session, it reportedly touched a high of ₹1,38,676 and a low of ₹1,38,085, versus a previous close around ₹1,37,885. ^[6]

For silver, the same report said MCX silver surged back to an all-time high zone, rising about ₹3,110 to ₹2,22,763 per kg, with an intraday high of ₹2,24,300. ^[7]

Later in the day, LiveMint reported MCX gold continued its record-breaking run, with the February gold futures contract hitting ₹1,38,676 per 10 grams again, while March silver climbed to a new high near ₹2,24,430 per kg, moving closer to ₹2.25 lakh. ^[8]

Mint also pointed to a market narrative driving the surge: fresh geopolitical tensions and a weaker U.S. dollar, alongside the view that further Fed easing in 2026 could keep non-yielding assets like gold and silver attractive. ^[9]

Jaipur sarafa market: silver jumps ₹9,400; gold rises ₹600

While futures markets made the headlines nationally, the physical market reaction was just as dramatic in Rajasthan.

A local Jaipur report from Dainik Navajyoti said that—amid the strength in the futures market—Jaipur sarafa prices posted record gains:

Silver: up ₹9,400 to ₹2,25,700 per kg
Pure gold: up ₹600 to ₹1,40,400 per 10 grams
Jewellery gold: up ₹600 to ₹1,31,300 per 10 grams ^[10]

This kind of one-day move is exactly why silver, in particular, is being described as the “high-beta” metal of the rally—capable of outperforming gold sharply, but also prone to rapid swings.

To put the broader Jaipur trend in context, Mint’s price tracker showed silver in Jaipur rising sharply across the week, including a jump of ₹9,100 on Dec. 23 (followed by smaller moves on Dec. 24). ^[11]

What are India spot benchmark rates saying?

For a nationwide benchmark view (separate from city-specific retail quotes), the India Bullion and Jewellers Association (IBJA) daily physical market report dated 24 Dec 2025 listed IBJA PM rates (exclusive of GST) as of 23 Dec 2025:

Gold 999:₹136,283 per 10g (PM)
Silver 999:₹211,000 per kg (PM) ^[12]

The same IBJA report also showed a Gold–Silver Ratio reading around 63.34 at the time—useful because many bullion investors watch this ratio as a relative-value signal between the two metals. ^[13]

Why gold and silver are soaring right now

Across the day’s reporting, several drivers kept appearing—often reinforcing each other:

1) Geopolitical risk is back in the driver’s seat

Jagran highlighted renewed tensions involving the U.S. and Venezuela as a key catalyst behind safe-haven buying. ^[14]
Mint echoed that geopolitical risk was supporting demand for defensive assets. ^[15]

2) Rate-cut expectations are boosting non-yielding metals

Lower expected interest rates generally help bullion because gold and silver don’t pay interest—so falling yields reduce the “opportunity cost” of holding them. Reuters pointed to expectations of U.S. rate cuts in 2026 as a major tailwind. ^[16]

3) A weaker dollar amplifies the rally

A softer dollar tends to make dollar-priced commodities cheaper for non-U.S. buyers—supporting demand. Both Jagran and Mint cited dollar weakness as part of the support story. ^[17]

4) Silver’s “functional demand” narrative is getting louder

A key theme emerging late on Dec. 24: silver isn’t just “precious”—it’s also industrial.

Vedanta chairman Anil Agarwal argued that silver’s long-term demand is being reshaped by new technologies, calling it unique for having both intrinsic value and functional demand, including use in solar cells and defence. ^[18]

Gold vs Silver in 2026: which metal could deliver higher returns?

With both metals already at record levels, the debate is shifting from “why did prices rise?” to “what happens next?”—and whether gold or silver has the stronger risk-reward setup in 2026.

The case for gold in 2026

Gold’s core strengths remain familiar:

A global store of value in uncertain times
Strong sensitivity to rate cuts / easing cycles
Ongoing “insurance” demand during geopolitical shocks ^[19]

However, after a year described as gold’s strongest since 1979, investors are also wary of sharp pullbacks if geopolitics cool or if rate-cut expectations fade.

The case for silver in 2026

Silver’s argument is more explosive—and more volatile:

It rides the same “hard money” wave as gold
But it also has an industrial engine (energy transition, electronics, high-tech manufacturing)
It has already demonstrated the ability to outperform gold dramatically in percentage terms ^[20]

In India market coverage, analysts openly leaned bullish on silver for 2026 on the idea that it straddles both worlds—investment + industry—whereas gold is primarily investment demand-driven. ^[21]

2026 price targets: what analysts are saying

Forecasts vary widely—especially after a parabolic year—but several targets gained attention in Dec. 24 coverage:

LiveMint cited analyst commentary expecting COMEX gold potentially reaching $5,000/oz by end-2026, implying gold in India around ₹1.50 lakh; and COMEX silver potentially reaching $90/oz by end-2026, implying silver around ₹2.60 lakh/kg in India. ^[22]
Economic Times’ expert roundup noted gold and silver’s massive 2025 gains and included outlook ranges where analysts discussed gold potentially trading in a broad band (with upside scenarios) and silver also having room to run—though with higher volatility risk. ^[23]

Important nuance: these are analyst opinions, not guarantees—and after record highs, the risk of swings in both directions increases.

What to watch next: the 2026 checklist for gold and silver

If you’re tracking gold price today or silver price today with 2026 in mind, here are the signals that matter most (based on the Dec. 24 reporting themes):

Federal Reserve guidance for 2026 (rate-cut path vs. higher-for-longer) ^[24]
Geopolitical flashpoints that can rapidly boost safe-haven demand ^[25]
Dollar direction and global liquidity conditions ^[26]
Industrial demand signals for silver (solar/tech/defence narratives) ^[27]
India’s on-ground physical demand, visible in sarafa market moves like Jaipur’s sharp one-day jump ^[28]

Bottom line

December 24, 2025 wasn’t just another “gold price up, silver price up” day—it was a marker of how intense the move has become: gold above $4,500, silver at fresh records, and India’s MCX and sarafa markets printing new highs almost in sync. ^[29]

For 2026, gold still looks like the market’s preferred insurance asset in uncertain times. But silver is increasingly being treated as both precious and strategic—a metal with investment appeal and industrial pull, which is why many analysts believe it could again outperform on percentage returns, even if it remains the more volatile ride. ^[30]