Gold Price Today, 5 December 2025: MCX Gold Hovers Near ₹1.30 Lakh as RBI Cuts Repo Rate to 5.25%; Check City-Wise Rates and Crude Oil Range

Gold prices in India are trading just below record territory on Friday, 5 December 2025, with MCX gold futures consolidating around the crucial ₹1.30 lakh per 10-gram mark even as the Reserve Bank of India (RBI) delivered a 25 bps repo rate cut and the rupee staged a modest recovery. ^[1]

At the same time, physical gold prices across major Indian cities remain close to ₹13,000 per gram for 24K purity, while MCX crude oil futures continue to move in a tight ₹5,200–₹5,400 range per barrel.

Key Highlights (5 December 2025)

MCX gold February futures traded around ₹1,29,900–₹1,30,000 per 10 grams, down roughly 0.1–0.5% in morning and mid-morning trade, while silver futures outperformed with gains close to 0.7–0.9%. ^[2]
RBI’s Monetary Policy Committee (MPC)cut the repo rate by 25 bps to 5.25%, unanimously, while retaining a neutral stance amid very low inflation (~2%) and strong GDP growth (~8.2%). ^[3]
All-India indicative retail prices are around ₹12,993 per gram for 24K and ₹11,910–11,912 per gram for 22K gold, according to Goodreturns and Mint trackers. ^[4]
City-wise rates in top metros like Delhi, Mumbai, Bengaluru and Kolkata are clustered just above or below ₹13,000 per gram for 24K, with minor variations driven by local taxes and jeweller margins. ^[5]
MCX crude oil December futures are hovering near ₹5,321 per barrel, stuck in a ₹5,200–₹5,400 consolidation band for several weeks. ^[6]
Analysts broadly describe gold’s intraday trend as weak-to-neutral, advocating “sell on rise” strategies with resistance near ₹1,30,750–₹1,31,500 and support around ₹1,29,400–₹1,28,000 on MCX. ^[7]

MCX Gold Price Today: Slight Dip, But Still Near Record Zone

In early Friday trade, MCX gold February futures slipped modestly as traders positioned around the RBI policy announcement.

IANS data show February 2026 gold futures down about 0.14% at ₹1,29,892 per 10 grams, while March 2026 silver futures climbed 0.74% to roughly ₹1,79,461 per kg during morning deals. ^[8]
Goodreturns later reported February gold near ₹1,30,008 per 10 grams (down ~0.5%) and silver around ₹1,80,550 per kg (up ~0.9%), underlining that silver continues to outperform gold on the MCX. ^[9]

Despite the mild pullback, MCX gold remains in a tight band around ₹1,30 lakh, a level that has acted both as psychological resistance and as a pivot zone for short-term traders over the last few sessions. ^[10]

How We Got Here: Profit Booking After a Rally

Through late November and early December, gold futures surged toward lifetime highs, briefly testing levels near ₹1,31,400 per 10 grams before profit-booking kicked in. ^[11]

On Thursday, 4 December, MCX February gold futures were already showing signs of cool-off, trading about 0.13% lower at around ₹1,30,288 per 10 grams amid a rebound in the US dollar and weak spot demand. ^[12]
Upstox’s market recap for Thursday evening pegged Gold 5 Feb futures at ₹1,30,016 per 10 grams (down 0.3%), reinforcing the idea that prices are consolidating rather than collapsing. ^[13]

In short: gold has paused, not reversed, and traders are now tactically trading the range instead of chasing fresh highs.

Key Technical Levels on MCX Gold and Silver

Multiple brokerages and research desks are talking about a tightly defined support–resistance corridor for MCX gold:

Support zones (where bulls may defend):
- Around ₹1,29,450–₹1,28,750, as flagged by Analytics Insight. ^[14]
- Deeper supports near ₹1,28,200–₹1,26,900, highlighted by Moneycontrol’s technical commentary. ^[15]
Resistance zones (where rallies are getting sold into):
- ₹1,30,750–₹1,31,700 on MCX, repeatedly cited by analysts tracking the February contract. ^[16]
- A broader lifetime resistance band around ₹1,32,300–₹1,32,294, which IBTimes and other commentators treat as the breakout trigger for the next leg higher. ^[17]

On the indicator side:

Short-term moving averages (8- and 21-day EMAs) are flattening, signalling loss of momentum. ^[18]
The MACD on intraday charts has turned mildly bearish, while RSI hovers near neutral (~50), suggesting more sideways-to-soft action rather than a sharp crash. ^[19]

For silver, support is seen near ₹1,79,000–₹1,80,750 per kg, with resistance above ₹1,83,500–₹1,84,600, keeping it buoyant but volatile at record-high zones. ^[20]

RBI MPC Outcome: 25 bps Repo Cut and What It Means for Gold

The big macro story today is the RBI policy decision that markets had been front‑running all week.

The RBI Monetary Policy Committee unanimously cut the repo rate by 25 bps to 5.25%, continuing its gradual easing cycle while sticking with a neutral stance. ^[21]
Headline CPI inflation is now projected around 2% for the year, below the lower bound of the RBI’s 2–6% target band, even as real GDP growth was revised up to 7.3%, with Q2 growth near 8.2%. ^[22]
The RBI also announced OMO purchases of government securities worth ₹1 lakh crore and a three‑year $5 billion USD/INR buy–sell swap, signalling a willingness to support liquidity and stabilise the rupee. ^[23]

Rupee Reaction: Mild Relief Rally

Ahead of the decision, the rupee recovered to around 89.80 per US dollar, gaining about 9 paise after briefly breaching the 90 mark earlier in the week. ^[24]

The rebound was helped by a softer dollar index and suspected RBI intervention. ^[25]
A weaker rupee tends to push domestic gold prices higher (since India imports most of its gold), so any sustained rupee weakness after today’s rate cut could cushion gold even if global prices wobble.

For now, the combination of low inflation, strong growth and a cautious 25 bps cut keeps the backdrop broadly supportive for gold as a hedge against future policy shifts and currency volatility.

Gold Price Today in India: 24K and 22K Rates by City

On the physical side, benchmark trackers show only marginal moves in retail gold prices, with the yellow metal still near record territory.

All‑India Indicative Rates (5 December 2025)

According to Goodreturns and Mint: ^[26]

24K gold (999 purity): about ₹12,993 per gram (≈₹1,29,930 per 10 grams)
22K gold: about ₹11,910–₹11,912 per gram (≈₹1,19,100–₹1,19,120 per 10 grams)
18K gold: roughly ₹9,745 per gram

These are indicative ex‑GST prices and can vary slightly between jewellers and cities.

Major Metro City Snapshot

Goodreturns’ city grid for 1‑gram prices shows how close the metros are clustered today: ^[27]

Delhi – ~₹13,008 for 24K; ~₹11,925 for 22K
Mumbai – ~₹12,993 (24K); ~₹11,910 (22K)
Bengaluru – ~₹12,993 (24K); ~₹11,910 (22K)
Kolkata – ~₹12,993 (24K); ~₹11,910 (22K)
Hyderabad & Kerala – ~₹12,993 (24K); ~₹11,910 (22K)
Chennai – around ₹13,091 (24K) and ₹12,000 (22K), slightly higher than most other metros

Compared with Thursday’s Times of India city‑wise update (4 December), where 24K rates in big cities hovered around ₹13,036–₹13,113 per gram and 22K around ₹11,950–₹12,020, today’s prices are broadly steady with only modest fluctuations. ^[28]

MCX Crude Oil Today: Sideways in ₹5,200–₹5,400 Band

While gold steals the headlines, crude oil on MCX continues to move in a narrow band:

Upstox reports MCX Crude Oil 18 December futures around ₹5,321 per barrel, down about 0.4–0.6% on Thursday evening and still lodged in a ₹5,200–₹5,400 consolidation zone that has held for over six weeks. ^[29]
Price remains below the 21‑ and 50‑day EMAs, suggesting lack of strong bullish momentum; a breakdown below ₹5,200 could open the way toward ₹5,050–₹4,950, while a decisive close above ₹5,400 is needed for any sustained up‑move. ^[30]

Global cues are mixed: Goodreturns’ ticker shows Brent‑linked crude near $63.15 and the USD at around ₹89.7, reinforcing the interplay between energy prices, currency moves and inflation expectations. ^[31]

Global Gold Cues: Fed Rate Cut Bets and US Data in Focus

Outside India, spot gold is trading around $4,201 per ounce, up roughly 0.5% from yesterday’s low near $4,180, as tracked by Moneycontrol. ^[32]

Key global drivers:

The US dollar index has bounced back above 99 after briefly dipping below that mark, prompting profit‑booking in gold after a strong rally. ^[33]
Futures markets (via CME FedWatch) are pricing a very high probability (well over 80%) of a Fed rate cut at the December 9–10 FOMC meeting, which has kept medium‑term sentiment constructive for bullion. ^[34]
The US Core PCE Price Index and upcoming inflation prints remain the main macro data points traders are watching to gauge how aggressive the Fed can be on easing. ^[35]

Several research desks now talk about next upside targets near $4,300–$4,345 per ounce (equivalent to roughly ₹1.32–1.34 lakh per 10 grams on MCX, assuming the current rupee–dollar rate), while acknowledging that prices are vulnerable to short, sharp corrections after recent gains. ^[36]

How Are Analysts Positioning on Gold Today?

There’s a clear split between short‑term traders and longer‑term bulls:

1. Intraday / Short‑Term View: “Sell on Rise”

A Times of India technical note suggests a “sell on rise” strategy around ₹1,30,400–₹1,30,450 on MCX, with a stop‑loss near ₹1,31,500 and downside targets toward ₹1,29,300–₹1,29,000 for the session. ^[37]
Moneycontrol quotes analysts who see key support near ₹1,28,200, with upside capped until prices break and sustain above ₹1,31,400–₹1,32,500. ^[38]
Goodreturns relays a similar range‑trade view, citing LKP Securities’ expectation that gold may oscillate between ₹1,29,400 and ₹1,30,750 near term. ^[39]

Overall, short‑term commentary frames today as a range‑bound, slightly bearish day for MCX gold, with traders preferring to fade rallies rather than chase fresh highs.

2. Medium‑ to Long‑Term View: Still Constructive

Despite near‑term profit‑booking, the broader 2026 outlook from some houses (like Ventura Securities, cited by Goodreturns) remains bullish:

They expect central‑bank buying, sticky global inflation, wide US deficits and potential Fed cuts to keep gold supported.
Some forecasts suggest a possible trading band of $4,600–$4,800 per ounce in 2026 if risk factors play out. ^[40]

This long‑term optimism is tempered by the usual caveats: such projections depend on macro data, geopolitics and central‑bank behaviour and are not guarantees.

What Should Indian Buyers and Investors Watch Now?

Without telling you to buy or sell, here are practical markers to track if you follow gold:

MCX Price Band Around ₹1.30 Lakh
- Sustained trade above ₹1,31,000–₹1,31,400 could reopen the path towards fresh highs.
- A decisive break below ₹1,28,000 would signal a deeper correction and may bring more attractive entry levels for long‑term buyers. ^[41]
RBI–Rupee Combination
- Today’s 25 bps cut to 5.25% plus liquidity injections and FX swaps could influence the rupee’s path. ^[42]
- A persistently weak rupee (near or above 90 per USD) tends to keep domestic gold rates elevated, even if international prices pause. ^[43]
US Fed and Global Data
- Watch US inflation and the December FOMC meeting – sharper‑than‑expected cuts or a very dovish tone typically support gold. ^[44]
City‑Wise Retail Rates
- Before making jewellery purchases, compare local jeweller quotes with online benchmarks (Goodreturns, Mint, IBJA, etc.) and remember to factor in GST and making charges, which can add a meaningful premium over spot. ^[45]

And as always, it’s wise to consult a registered financial adviser before taking large trading or investment positions, especially in leveraged instruments like futures and options.

Quick FAQ on Gold Price Today (5 December 2025)

Q1. What is the MCX gold price today?
As of Friday’s morning and mid‑morning trade, MCX gold February futures were fluctuating around ₹1,29,900–₹1,30,000 per 10 grams, with intraday moves of roughly –0.1% to –0.5% depending on the snapshot. ^[46]

Q2. How much is 24K and 22K gold per gram in India today?
Indicative all‑India prices hover near ₹12,993 per gram for 24K and ₹11,910–₹11,912 per gram for 22K gold. ^[47]

Q3. Which way are analysts leaning – bullish or bearish?
Very short term, many technical analysts call for a “sell on rise” approach below ₹1,30,750–₹1,31,000 on MCX. Medium‑term, the tone is still constructively bullish, with several houses expecting higher highs into 2026 if global rate‑cut and geopolitical themes persist. ^[48]

Q4. What is happening with crude oil on MCX?
MCX crude oil December futures are rangebound in the ₹5,200–₹5,400 per barrel zone, recently quoted near ₹5,321, signalling indecision amid mixed global demand signals. ^[49]

Q5. Did the RBI policy move gold prices sharply today?
So far, the 25 bps repo cut to 5.25% has not triggered a dramatic spike in gold; instead, prices remain in their existing consolidation band near ₹1.30 lakh, as traders digest both the RBI stance and upcoming US data. ^[50]