Gold and silver prices remained volatile on December 20, 2025. MCX gold futures recovered sharply, while silver cooled off after touching a fresh record. Here’s a detailed, city-wise look at today’s 24K and 22K gold rates, silver prices, and what’s driving the bullion market.
New Delhi, December 20, 2025: India’s bullion market opened Saturday with a mild dip in retail rates, but the bigger story is the sharp swings seen in futures—especially silver, which has been rewriting record books. In early trade, 24-carat gold eased by ₹10 to around ₹1,34,170 per 10 grams, while silver slipped by ₹100 to about ₹2,08,900 per kilogram, reflecting a pause after a powerful run-up this month. [1]
What makes today’s update especially important for buyers and investors is the gap between futures-market action (MCX), benchmark bullion rates (IBJA), and city-level retail quotes—all of which can move differently on the same day.
Market Snapshot: What Moved on December 20
1) MCX futures: Silver cools off after hitting a new peak; gold stages a late rebound
On the Multi Commodity Exchange (MCX), silver futures (March 5 expiry) surged intraday to a fresh lifetime high of ₹2,08,603 per kg, but then slipped into the close, ending at ₹2,08,000 per kg, down ₹439 from the previous close. [2]
Gold, meanwhile, showed a classic “dip-and-recover” session. The MCX gold (February 5 expiry) fell as low as ₹1,33,555 per 10 grams in early action, before bouncing back and closing at ₹1,34,206 per 10 grams. [3]
Why this matters: Futures prices often react fastest to global cues—dollar moves, bond yields, and macro headlines—while retail prices are shaped by local demand, premia/discounts, and jeweller margins.
2) IBJA benchmark: Softer closing rates for both gold and silver
According to the India Bullion and Jewellers Association (IBJA) rates referenced in the day’s coverage, 24K gold was quoted at ₹1,31,779 per 10 grams (down ₹695 from the previous close). Other purities were also lower, including 22K at ₹1,28,620 per 10 grams. [4]
Silver, too, showed a decline on this benchmark: ₹2,00,067 per kg at close, down from ₹2,01,120 per kg (a drop of ₹1,053). [5]
A crucial note for anyone tracking “today’s rate”: IBJA benchmark prices are uniform nationally, but your final jewellery bill can differ materially once GST and making charges are added, and these vary across cities and jewellers. [6]
Retail Gold and Silver Rates Today: Major Cities at a Glance (December 20, 2025)
Across key metros, retail tracking data showed gold largely steady around the ₹1.34 lakh mark for 24K, with small city-to-city differences.
Here are widely quoted reference levels for 10 grams of gold today:
- Delhi: 24K gold around ₹1,34,320; 22K gold around ₹1,23,140 [7]
- Mumbai & Kolkata: 24K gold around ₹1,34,170; 22K gold around ₹1,22,990 [8]
- Chennai: 24K gold around ₹1,35,050; silver higher than other metros at around ₹2,20,900/kg [9]
- Silver (Delhi/Mumbai/Kolkata): around ₹2,08,900/kg [10]
Meanwhile, some city reports also noted firm prices in Mumbai, with 24K gold quoted around ₹1,34,990 per 10 grams and 22K around ₹1,23,750 per 10 grams, underscoring how local quotes can sit above broader “all-India” trackers. [11]
Rajasthan Focus: Jaipur and Udaipur Gold-Silver Rates Today (December 20, 2025)
With wedding-season demand and strong investor interest, Rajasthan remains one of the most searched regions for daily bullion rates. Here’s what the city-level trackers indicated today:
Jaipur: Gold steady, silver surges to a fresh monthly high
In Jaipur, gold prices were reported steady on December 20:
- 24K gold:₹13,433 per gram (≈ ₹1,34,330 per 10 grams) [12]
- 22K gold:₹12,315 per gram (≈ ₹1,23,150 per 10 grams) [13]
Silver stood out more sharply:
- Silver:₹2,14,000 per kg (₹214 per gram) on Dec 20, up ₹5,000/kg versus the prior day—also marked as the highest level in December on the tracker’s monthly movement table. [14]
Buyer note: The Jaipur tracker explicitly states these are indicative rates and do not include GST/TCS and other levies, so a jeweller’s final quote can be higher. [15]
Udaipur: Gold around ₹1.34 lakh; silver near ₹2.07 lakh
For Udaipur, city tracking showed gold at similar “₹1.34 lakh” levels:
Silver in Udaipur was also elevated:
- Silver:₹2,07,540 per kg on Dec 20 (with small day-to-day changes shown around that level). [18]
Why Jaipur and Udaipur can differ: Local demand, local premia/discounts, transportation, and jeweller margins can nudge rates higher or lower than metro averages—even when the broader trend is the same.
Why Gold and Silver Are Swinging: The Forces Behind Today’s Prices
1) Global cues are driving silver’s outsized moves
Internationally, silver has been on a powerful run in 2025, propelled by a mix of investment demand, speculative momentum, and industrial pull (including green-energy supply chains). Reuters reported silver pushing into record territory above $65/oz this week, with analysts pointing to tight supply dynamics and strong demand. [19]
That international surge matters for India because global spot levels influence domestic pricing—especially in futures and in wholesale markets.
2) Gold remains supported by rate-cut expectations, but the dollar still matters
Gold has been holding firm near record-high levels even when the U.S. dollar strengthens or Treasury yields rise—because markets continue to weigh the path of interest rates and risk sentiment. Business updates citing Reuters showed spot gold near $4,338/oz on Saturday, while silver hovered near the mid-$66 range, reflecting the same “strong but volatile” tone. [20]
In simple terms:
- Rate-cut expectations typically support non-yielding assets like gold and silver.
- A stronger dollar and higher yields can temporarily cap rallies or trigger pullbacks.
3) India-specific factors: jewellery demand, taxes, and “all-in” purchase costs
Even when benchmark rates soften, the consumer-facing price can look “sticky” due to:
- GST and making charges on jewellery purchases [21]
- City-specific premia in retail markets [22]
- Strong wedding-season and gifting demand in many regions
“Golden Period” for Investors? The Ground Reality From Local Markets
While daily rates fluctuate, local ground reports show why many investors still see precious metals as a long-term hedge.
A local report from Fatehabad (Haryana) described a sharp one-year rise: gold up about 72% and silver up about 128%, with gold moving from roughly ₹78,950 per tola last year to around ₹1,33,800 per tola, and silver rising from about ₹89,700 per kg to roughly ₹2,02,000 per kg. [23]
The same report also noted a visible shift in buying patterns:
- Middle-class customers leaning toward lighter-weight jewellery to manage budgets
- Affluent buyers favoring 24K coins/biscuits as a cleaner “investment-style” purchase [24]
What This Means for Buyers Today: Practical Takeaways
If you’re planning a purchase or tracking your portfolio on December 20, here are the most useful moves:
- Compare the “type” of price you’re looking at:
MCX futures, IBJA benchmark, and your jeweller’s retail quote can differ significantly on the same day. [25] - If buying jewellery, ask for the full breakup:
Request a written split of base gold rate + making charges + GST before you pay. [26] - For Rajasthan buyers (Jaipur/Udaipur):
If silver is your target, today’s Jaipur levels stand out, with the tracker showing ₹2.14 lakh/kg and a strong day-on-day jump. [27] - Avoid making decisions on a single intraday spike:
Today’s MCX silver action—record high followed by a pullback—shows how quickly prices can reverse. [28]
Quick FAQ: Gold and Silver Prices (Dec 20, 2025)
Why do IBJA rates look lower than city retail rates?
IBJA rates are benchmark bullion references, while retail prices may include local premia and your final jewellery cost includes GST and making charges, which vary by location and seller. [29]
Why did silver fall on MCX even after making a lifetime high?
Silver’s market is smaller and more volatile than gold’s, so profit-taking after sharp rallies is common—especially near record levels. On Dec 20, MCX silver hit ₹2,08,603/kg intraday and then settled lower at ₹2,08,000/kg. [30]
What were the headline retail levels in India today?
Several city trackers reported 24K gold around ₹1,34,170 per 10g and silver around ₹2,08,900 per kg, with Delhi’s 24K gold near ₹1,34,320. [31]
References
1. www.business-standard.com, 2. www.aajtak.in, 3. www.aajtak.in, 4. www.aajtak.in, 5. www.aajtak.in, 6. www.aajtak.in, 7. www.business-standard.com, 8. www.business-standard.com, 9. www.business-standard.com, 10. www.business-standard.com, 11. www.mid-day.com, 12. www.goodreturns.in, 13. www.goodreturns.in, 14. www.goodreturns.in, 15. www.goodreturns.in, 16. upstox.com, 17. upstox.com, 18. mygoldsilver.com, 19. www.reuters.com, 20. www.business-standard.com, 21. www.aajtak.in, 22. www.mid-day.com, 23. www.amarujala.com, 24. www.amarujala.com, 25. www.aajtak.in, 26. www.aajtak.in, 27. www.goodreturns.in, 28. www.aajtak.in, 29. www.aajtak.in, 30. www.aajtak.in, 31. www.business-standard.com
