NEW YORK, December 29, 2025, 03:21 ET
- Gold fell 1.7% to $4,455.34/oz as investors booked profits after a record run.
- Silver pulled back from an all-time high of $83.62/oz; platinum and palladium also retreated.
- India’s retail gold stayed near record levels around 140,000 rupees per 10 grams, NDTV Profit reported.
Gold eased from near record highs on Monday and silver retreated after briefly topping $80 an ounce, as investors booked profits after a year-end surge in precious metals. Spot gold was down 1.7% at $4,455.34 per ounce by 0707 GMT, Reuters said.
The pullback follows a historic 2025 rally fuelled by expectations of further U.S. interest-rate cuts and geopolitical tensions. Gold is up 72% so far this year and silver has gained 181%, Reuters said.
Volatile swings at these prices matter for consumer markets such as India, where jewellery demand typically softens when prices jump. Indian retail rates eased on Monday after a two-week rally but stayed near record levels, NDTV Profit reported.
Spot gold hit a record $4,549.71 on Friday, Reuters said. U.S. gold futures for February delivery — contracts that lock in a price for later — fell 1.2% to $4,500.30.
“A combination of profit-taking and seemingly productive talks between Trump and Zelensky regarding a potential peace deal have put gold, silver on the back foot,” said KCM Trade Chief Market Analyst Tim Waterer. Reuters
U.S. President Donald Trump said on Sunday he and Ukrainian President Volodymyr Zelenskiy were close to an agreement to end the war in Ukraine, Reuters reported. Gold often draws “safe-haven” demand — buying for perceived protection when risks rise. Reuters
Spot silver was up 4.6% at $75.47 per ounce, but off an all-time high of $83.62 reached earlier in the session, Reuters said. Spot platinum fell 6.2% to $2,298.45 and palladium slid 11.4% to $1,705.15.
Reuters said silver’s outsized gains have been boosted by tight supply and low inventories, and by its designation as a critical U.S. mineral, a label that flags strategic importance. Rising industrial and investment demand has also supported the metal.
Waterer said $5,000 was a viable target for gold next year if the next Federal Reserve chairman takes a more dovish stance — meaning a greater willingness to cut rates — Reuters reported.
Traders still expect two U.S. rate cuts next year and are waiting for minutes from the Fed’s December meeting for fresh clues, Reuters said. Gold pays no interest, so it tends to benefit when borrowing costs fall.
In Mumbai, 24-karat gold traded around 140,050 rupees per 10 grams and 22-karat gold was about 128,379 rupees, NDTV Profit reported. In Delhi, 24-karat gold was quoted at about 139,810 rupees per 10 grams, it said.
NDTV Profit, citing the India Bullion Association, said 24-karat gold had moved past 140,310 rupees per 10 grams while silver was near 241,030 rupees per kilogram in major cities. It put 24-karat gold at about 140,460 rupees in Chennai and 140,160 rupees in Bengaluru.
Earlier last week, Reuters reported that Indian gold discounts widened to their highest in more than six months as the record rally curbed retail buying. In China, discounts narrowed as speculative interest picked up despite muted retail demand, Reuters said.
Anantha Padmanaban, former chairman of India’s All India Gem & Jewellery Domestic Council, told ANI last week that a 10%-15% price correction was likely in early 2026 as holiday-thinned trading normalises.
