Gold rate in India crashed sharply this morning, bringing some relief to the retail buyers after the back-to-back rise. Since the last 10 days, gold prices have been on a surging spree, where they rose by almost Rs. 75,500 per 100 g in the 24-karat segment.
Yellow metal rates have an 81% YoY rally in 2025 because of the high demand in the market. The silver rate in India, on the other hand, is also breaking record after record and is now at a life high of 2.6 lakh per kg as of today. With the 24-carat gold rate and 22-carat gold rate falling sharply, buyers are cautiously optimistic.
Nirmal Bang Securities in its report said, “Gold prices are expected to test 138800. One can buy with a stop loss of 138400 for a pullback at 139300-139700.” Many Indian consumers, who had postponed purchases due to high gold prices, are now expected to return to the market in large numbers after the drop. The drop in the gold rate in India followed the drop in the international spot gold rate, which dipped before closing on Friday at $4512.74 per ounce, touching the record high level. Meanwhile, spot silver breached the $80 per ounce, creating fresh records.
Gold Prices in India Today
On Monday, 29th December, the 22-karat gold rate in India slipped by Rs. 1850 per 10 grams to cost Rs. 1,28,700 per 10 grams. While the 24-carat gold prices today fell by Rs. 2020, they are at Rs. 1,40,400 per 10 grams. Similarly, the 18-carat gold rate today retails at Rs 1,05,300, which dropped by Rs 1520 per 10 grams.
Similarly, 100 grams of 22-carat gold stands at Rs 12,87,000 after decreasing Rs 18,500. While the 24-carat gold price in India per 100 grams is now retailing at Rs. 14,04,000, which dropped by Rs. 20,200.
MCX Gold and Silver Futures Update
Gold futures prices on the Multi Commodity Exchange (MCX), expected to mature on February 5, 2026, rose by 0.16% and were trading at Rs. 140,100 per 10 grams. Similarly, silver futures, with an expiry date of March 5th, 2026, also jumped to a record high after rising by 3.86% to trade at Rs. 249,034.
City-Wise Gold Rates Today
Major metropolitan cities in India, including Chennai, Mumbai, Bangalore, and Hyderabad, mirrored the sharp drop in gold rates in India. Here’s the latest city-wise update on 22-carat and 24-carat gold rates on 29th December.
- In Chennai, the 24-carat gold rate stands at Rs. 142,040 after falling by Rs. 870 per 10 grams, while the 22-carat gold price in Chennai is Rs. 130,200, which dropped by 800 per 10 grams today.
- In Bangalore, the gold rate for 24-carat is Rs. 1,40,400 per 10 grams, and the 22-carat gold rate in Bangalore is Rs. 1,28,700 per 10 grams.
- In Hyderabad, the 24K gold price is Rs. 1,40,400 per 10 grams, and the 22K gold rate in Hyderabad is Rs. 1,28,700 per 10 grams.
- In Mumbai, the 22-carat gold rate is Rs. 1,28,700 per 10 grams, while the 24-carat gold price in Mumbai remains at Rs. 1,40,400 per 10 grams.
Silver Price Movement in India
Silver prices in India on Monday, December 29th, also crashed after the multiple gains over the past few days. Currently 1 kg of silver in India costs Rs. 258,000 after falling by Rs. 4000. While 100 g of silver rates in India cost Rs 25,800, which fell by Rs 400 today.
Market Outlook for Gold Prices
“Gold and silver prices have witnessed profit bookings from the higher levels on the international bourses. We expect precious metals prices on Indian bourses to trade range-bound to slightly higher for the day; after silver prices retreated after smashing through $80 an ounce for the first time, with traders booking profits from a record-breaking rally powered by speculative deals and a structural imbalance in supply and demand.” As per the Nirmal Bang Securities report.
Spot Gold Prices + Spot Silver Price Today
“Spot gold was down 0.4% at $4,512.74 per ounce, as of 0242 GMT, after hitting a record high of $4,549.71 on Friday. U.S. gold futures for February delivery lost 0.4% to $4,536.40 per ounce. Spot silver lost 1.3% to $78.12 per ounce.” As per Reuters’ latest bullion report.
