Gold prices extended their sharp December rally on Friday, December 12, 2025, with India’s bullion market tracking a potent mix of global and local triggers: a softer US dollar after the Federal Reserve’s latest rate cut signals, a weakening rupee at home, and heightened interest in precious metals as both a hedge and a momentum trade.
By the evening, the action had escalated from “steady-to-firm” to outright record territory on the Multi Commodity Exchange (MCX), where gold notched fresh all-time highs and silver vaulted above the psychologically important ₹2 lakh-per-kg mark—before profit-taking kicked in for the white metal in parts of the session. mint
Below is a detailed round-up of all the key gold and silver price news from 12.12.2025, including city-wise gold rates, the latest MCX moves, and the big drivers traders and jewellery buyers are watching.
Gold rate today in India: Latest 22K and 24K prices in major cities
Retail gold prices vary across cities depending on local taxes, logistics, jeweller margins, and making charges. Still, the day’s trend was clear: gold remained elevated, with strong buying interest after global cues turned supportive.
Here are the city-wise gold prices (per gram) reported on December 12, 2025:
- Delhi: 22K ₹12,175 | 24K ₹13,281
- Mumbai: 22K ₹12,160 | 24K ₹13,266
- Bengaluru: 22K ₹12,160 | 24K ₹13,266
- Chennai: 22K ₹12,250 | 24K ₹13,364
- Kolkata: 22K ₹12,160 | 24K ₹13,266
- Hyderabad: 22K ₹12,160 | 24K ₹13,266
- Ahmedabad: 22K ₹12,165 | 24K ₹13,271
- Jaipur: 22K ₹12,175 | 24K ₹13,281 The Times of India
All-India benchmark (per 10 grams): where gold stood later in the day
A broader benchmark snapshot later on December 12 pegged 24K gold at ₹134,720 per 10 grams and 22K gold at ₹123,493 per 10 grams, reflecting a daily rise of about 1.69% in that tracker. The Financial Express
Important note for buyers: your final bill for jewellery typically includes making charges plus GST, and rates can differ even within the same city across stores. The Financial Express
MCX gold and silver today: From “flat” morning trade to record highs by evening
Morning: gold steady, silver dips on profit booking
Early Friday, the tone was more restrained. Around the morning session, MCX gold (February) was only slightly higher (about 0.10% up near ₹1,32,599 per 10 grams), while MCX silver (March) traded lower (about 0.50% down near ₹1,97,951 per kg) as traders booked profits after a blistering run-up. mint
Afternoon: gold gains widen after the Fed cue-digest
As the day progressed, gold strengthened. Reports showed MCX gold February climbing over 1% to around ₹1,33,918 per 10 grams, following a seven-and-a-half-week high push and strong post-Fed sentiment. The Times of India
Evening: MCX gold prints fresh all-time highs; silver pushes further into record zone
By evening, the rally accelerated into record territory. One market update reported that MCX gold (February) hit a fresh record high near ₹1,35,263 per 10 grams, and was still trading around ₹1,35,153 later in the day. On silver, the same update cited MCX silver touching ₹2,01,615 per kg, extending an extraordinary 2025 run. mint
Silver’s “₹2 lakh moment” was widely flagged across the market, with another report noting MCX silver (March) hitting ₹2,00,362 per kg as the milestone print. The Times of India
What’s driving gold prices on 12 December 2025?
Gold’s move on 12.12.2025 wasn’t about one headline—it was about a stack of supportive factors aligning at once.
1) The Fed effect: rate-cut expectations weaken the dollar, lift bullion
Globally, gold hovered near a seven-week high, as investors assessed the Fed’s path and markets continued to price in further rate cuts ahead—an environment that often supports non-yielding assets such as gold. Reuters
2) Dollar index near multi-week lows added fuel
Analysts and market updates pointed to a declining US dollar index (near ~98.3 levels in multiple reports) as a major tailwind, improving the appeal of commodities priced in dollars and helping keep bullion demand firm. mint
3) The rupee factor: a weaker INR lifts domestic gold prices
In India, the rupee hitting record lows against the US dollar has been an additional prop for local gold prices because India imports most of its gold, making landed costs sensitive to USD-INR moves. Reuters reported the rupee sliding to a record low around 90.55 per dollar amid trade tensions and portfolio outflows. Reuters
4) Demand is getting tested by high prices—discounts widen in India
Record-high domestic prices can dampen physical demand, especially in the wedding season. Reuters reported wider discounts in India (discounts rising to about $34 per ounce in one snapshot) as local prices hit all-time highs and footfall weakened. Reuters
This creates a split-screen market:
- Futures and investment demand remains strong on macro cues and momentum.
- Physical jewellery demand becomes more price-sensitive at record levels.
Silver price today: Why silver crossed ₹2 lakh—and why it also saw profit booking
Silver’s December story is even more dramatic than gold’s.
- The market saw new record highs above ₹2 lakh/kg on MCX, with multiple reports quoting the milestone and subsequent highs. The Times of India
- At the same time, there were clear signs of profit booking after the surge, particularly in early trade. mint
The big drivers behind silver’s surge
Internationally, silver remained near record levels, underpinned by a combination of industrial demand, tightening inventories, and broader investor appetite for precious metals alongside gold. Reuters also noted silver hovering just below record highs in global trade. Reuters
A separate India-focused report described silver’s rally as being powered by the same macro factors lifting gold (weaker dollar, Fed uncertainty, geopolitical risk), plus a supply-side challenge: much mined silver is produced as a by-product of other metals, limiting how quickly supply can respond. The New Indian Express
Is it the right time to buy gold or silver? What experts are saying today
With gold and silver at or near record highs, the most common question from readers is simple: buy now, or wait?
Market commentary on December 12 leaned toward caution on chasing prices, while still warning against aggressive bearish bets.
- One commodities expert cited in a market report suggested waiting for corrective dips before initiating fresh long positions and avoiding short selling amid volatility. mint
- Another view highlighted that silver—after its outsized run—may be more attractive after a meaningful correction (7–10% or around 10%), especially for investment-oriented entries via ETFs or futures. mint
Practical takeaway for readers (non-advice):
- If you’re a jewellery buyer with a fixed wedding/occasion timeline, many buyers manage risk by purchasing in smaller tranches rather than trying to pick the exact top.
- If you’re an investor, the day’s expert commentary repeatedly emphasized volatility management—because when prices are making new highs, swings can be sharp in both directions. mint
What to watch next: the key cues that could move gold and silver from here
Looking beyond today, traders are tracking a short list of catalysts that could quickly reshape the next move:
- US inflation and jobs data: Market focus is shifting to upcoming US inflation prints and the US jobs report for the next signal on the Fed’s rate path. mint
- USD-INR and RBI action: Any stabilization (or fresh weakness) in the rupee can materially change domestic gold’s trajectory, especially when global prices are already elevated. Reuters
- Physical demand signals: India’s discounts/premiums and jeweller commentary matter more when prices are at extremes, because they reveal whether the rally is broad-based or mostly financial. Reuters
Quick FAQs (December 12, 2025)
Why are gold prices different in Delhi, Mumbai, and Chennai?
City-wise variation reflects differences in local taxes, logistics, and jeweller pricing—plus changes in how different trackers record spot vs retail rates. The Financial Express
What’s the difference between 24K and 22K gold?
24K is higher purity and often preferred for investment bars/coins, while 22K is common in jewellery for better durability. (Pricing differs accordingly.) The Times of India
Why did MCX gold hit records even when some reports said gold was “flat” earlier?
Because the day evolved: early trade showed modest moves, but later sessions saw stronger buying and momentum, sending prices to new highs. mint
What pushed silver above ₹2 lakh per kg?
A mix of global strength, industrial demand, tight supply dynamics, and momentum buying helped silver break the milestone, though profit booking appeared at points. The Times of India
Bottom line (12.12.2025): Gold is not just “higher”—it’s trading in a regime where macro forces (Fed expectations, dollar softness) and local forces (rupee weakness) are reinforcing each other. Silver, meanwhile, is behaving like a high-volatility version of gold, with record highs and sharp intraday swings. Anyone buying today—whether for jewellery or investment—needs to factor in that headline prices are historic, and so is the volatility. mint
