New Delhi | December 14, 2025 — India’s bullion market is ending the week with a rare combination of record highs and sudden reversals. On the Multi Commodity Exchange (MCX), silver briefly blasted past the ₹2 lakh-per-kg milestone—and then tumbled sharply on profit-taking, turning a historic breakout into a volatility shock for traders and buyers alike. [1]
Gold has been just as headline-grabbing. Futures and retail quotes across cities indicate the yellow metal is now hovering in the ₹1.32–₹1.36 lakh per 10 grams range (depending on purity and market), with Jaipur among the cities seeing levels above ₹1.35 lakh/10g—a threshold that would have sounded unthinkable in India not long ago. [2]
Below is what happened, why it happened, and what buyers and investors should watch next.
Silver price crash after ₹2 lakh/kg: what actually happened on MCX
The most dramatic move came from MCX silver (March futures).
According to Aaj Tak’s market recap, silver opened around ₹1,97,705/kg, surged to a new lifetime high of ₹2,01,615/kg, and then slid as low as ₹1,90,077/kg—a drop of ₹11,538 from the peak before partially recovering. It ultimately settled around ₹1,92,615/kg, still roughly ₹9,000/kg below the record high by the close. [3]
This kind of intraday swing underscores a key reality of silver: it can behave like a safe-haven metal and an industrial commodity at the same time, which often translates into sharper, faster moves than gold.
Gold hits record territory too: ₹1.35 lakh per 10 grams on the table
Gold didn’t escape the fireworks. A Press Trust of India report carried by Business Standard noted that on MCX, gold touched a lifetime high of ₹1,35,263 per 10 grams during the week’s action. [4]
Patrika’s breakdown of the same session described a wide trading band as well: gold hit ₹1,35,263/10g, slipped to about ₹1,32,275/10g intraday, and closed near ₹1,33,622/10g—around ₹1,641 below the record high after the late pullback. [5]
The takeaway: both metals are in a powerful uptrend, but the “straight line up” phase is now being punctuated by fast, deep profit-booking dips.
Jaipur gold crosses ₹1.35 lakh/10g: the local angle behind the national surge
One reason this story is resonating beyond trading desks is that retail city rates are now printing numbers that consumers directly feel.
In Jaipur, market-tracking data showed 24K gold at about ₹1,35,841 per 10 grams on December 14, 2025 (and 22K around ₹1,24,525 per 10 grams the same day). [6]
That aligns with the broader national narrative: the bullion rally is no longer “just MCX noise”—it’s reaching jewellers’ counters and wedding-season budgets.
Moradabad and North India: gold near ₹1.32 lakh/10g, silver near ₹2 lakh/kg
In Moradabad, Dainik Jagran reported that during the second week of December, benchmark prices surged to record zones: gold around ₹1.32 lakh per 10 grams and silver up to ~₹1.95 lakh/kg, before easing to about ₹1.91 lakh/kg by Saturday night. [7]
The Moradabad story mirrors what many North Indian markets are seeing: strong buying interest when prices rise on “fear + momentum,” followed by pauses as shoppers and traders reassess affordability.
The “whiplash” makes sense: why gold and silver surged—and why silver snapped back
The weekend’s bullion drama isn’t coming from one single trigger. Multiple forces are stacking up:
1) Rate-cut expectations and a softer dollar are helping bullion
Global bullion prices have been supported by expectations of lower rates (or further easing) because gold doesn’t pay interest—it tends to look more attractive when yields fall and borrowing costs ease.
A Reuters report republished by Business Recorder said gold rose to a seven-week high and cited a soft dollar, rate-cut expectations, and safe-haven demand amid geopolitical turbulence as key drivers. [8]
2) Geopolitical risk is back in the driver’s seat
Safe-haven narratives are not abstract right now. Business Standard’s report highlighted how geopolitical tensions—along with broader macro uncertainty—have reinforced bullion’s appeal. [9]
Jagran’s Moradabad dispatch also pointed to geopolitical stress—referencing factors like the Russia-Ukraine war and Middle East uncertainty—as a reason investors have leaned into safe assets. [10]
3) Silver has an extra engine: industrial demand (solar, electronics, EVs, AI supply chains)
Silver’s rally has been turbocharged by its role in manufacturing. Reuters’ report (via Business Recorder) tied silver’s strength to industrial demand, tight inventories, and its inclusion on the U.S. critical minerals list—factors that can squeeze supply expectations and amplify momentum. [11]
Mint’s commodities coverage similarly emphasized that even after sharp pullbacks, the industrial backdrop (including solar, EVs, and broader manufacturing demand) is one reason analysts continue to see silver as a “buy on corrections” market—albeit a volatile one. [12]
4) Profit booking is now the market’s pressure valve
Once silver and gold tagged fresh records, traders started locking in gains.
Mint described silver slipping as investors booked profits after record highs, while gold held firmer—classic late-rally behavior when momentum traders de-risk into the weekend. [13]
IBJA vs MCX vs “your jeweller”: why you may see different gold and silver prices
One reason buyers get confused in weeks like this is that prices don’t come from just one place:
- MCX prices reflect futures contracts (trading-driven, fast-moving).
- IBJA rates are benchmark bullion references used widely in the Indian market.
- Retail jewellery prices include purity, making charges, and GST, and can vary city-to-city.
Aaj Tak’s report highlighted that buying gold/silver in the domestic market typically includes 3% GST plus making charges that vary by product and location—meaning your final jewellery bill can be meaningfully higher than a headline bullion quote. [14]
Jaipur data sources also explicitly note that quoted rates can exclude making charges and may be “informational” rather than an exact shop-to-shop guarantee—another reason for gaps between online trackers and local counters. [15]
What analysts are watching next week: inflation data, US jobs, and the “volatility premium”
After a record week, the next big question is whether the rally extends or cools.
Business Standard reported that traders are now watching a heavy macro calendar—inflation data (India, US, Europe, UK), plus PMI prints and key US indicators such as non-farm payrolls, jobless claims, housing data, and consumer sentiment—all of which can swing rate expectations and, by extension, bullion. [16]
Mint also captured the market’s technical framing:
- For MCX gold, analysts cited support near the ₹1,32,000–₹1,31,000 zone, with upside potential if it clears ₹1,35,000 convincingly. [17]
- For MCX silver, commentary pointed to the ₹1,95,000–₹2,00,000 zone as a key resistance area—while breaks below ₹1,90,000 could trigger further unwinding. [18]
In simple terms: the trend is still up, but the market is now pricing a volatility premium—meaning moves can be fast in both directions.
What this means for buyers right now (especially wedding season shoppers)
If you’re buying gold or silver jewellery in India this week, the headline is not just “prices are high.” It’s: prices are high and unstable.
Practical points to keep in mind:
- Confirm purity (24K bullion vs 22K jewellery) before comparing prices across apps, cities, or shops. [19]
- Ask for a full invoice breakdown: base rate, making charges, GST, and any wastage/extra charges. [20]
- If you’re price-sensitive, consider whether you’re buying for near-term use (weddings/functions) or for value (coins/bars/digital forms). The best choice differs when volatility is this high.
Bottom line
On December 14, 2025, the gold-and-silver story is no longer just about “prices rising.” It’s about record highs colliding with sudden sell-offs:
- Silver proved it can hit ₹2 lakh/kg—and also drop ₹9,000 in a blink. [21]
- Gold is flirting with (and in some places surpassing) the psychological ₹1.35 lakh per 10 grams level. [22]
- The drivers span rate-cut expectations, currency moves, geopolitics, and industrial demand, with profit-taking now setting the rhythm of daily moves. [23]
For readers tracking “gold price today” and “silver price today” in India, the most useful mindset right now is: expect volatility, verify the rate source (MCX vs IBJA vs retail), and watch next week’s inflation and jobs data for the next big catalyst. [24]
References
1. www.aajtak.in, 2. www.business-standard.com, 3. www.aajtak.in, 4. www.business-standard.com, 5. www.patrika.com, 6. www.policybazaar.com, 7. www.jagran.com, 8. www.brecorder.com, 9. www.business-standard.com, 10. www.jagran.com, 11. www.brecorder.com, 12. www.livemint.com, 13. www.livemint.com, 14. www.aajtak.in, 15. www.policybazaar.com, 16. www.business-standard.com, 17. www.livemint.com, 18. www.livemint.com, 19. www.policybazaar.com, 20. www.aajtak.in, 21. www.aajtak.in, 22. www.business-standard.com, 23. www.brecorder.com, 24. www.business-standard.com
