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Gold prices extended their rally on Tuesday, December 23, climbing over 1% each to fresh record highs. On the Multi Commodity Exchange (MCX), gold February futures surged to an all-time high near Rs. 1,38,300 per 10 grams, while silver futures jumped to a record peak above Rs. 2,16,500 per kg as strong buying interest continues.
Mirroring the International prices, Gold prices increased in Mumbai. 24K gold rose to Rs. 13,855 from yesterday’s Rs. 13,615 per gram. The price for 10 grams of 24K gold has also increased to Rs. 1,38,550 from Rs. 1,36,150.
Similarly, 22K gold prices have also risen to Rs. 12,700 per gram from Rs. 12,480; the cost for 10 grams of 22K gold has risen to Rs. 1,27,000 from Rs. 1,24,800.
As in Mumbai, gold prices in Chennai also increased. 24K gold price per gram trades at Rs. 13,931 from the previous price of Rs. 13,713.
The price of 10 grams of 24K gold has also increased from Rs. 1,37,130 to Rs. 1,39,310.
The surge in precious metals was mainly caused by a decrease in the US dollar index and increasing geopolitical risks. Escalating tension between the United States and Venezuela, including the news about the US government seizing ships connected to the transport of Venezuelan oil, resulted in uncertainty in the market.
All these events led the investors to the usual risk-free assets, such as gold and silver.
In international markets, spot gold traded near record highs above $4,460 per ounce, while US gold futures moved closer to the $4,500 mark. Silver prices also remained near their lifetime highs, reflecting sustained investor demand.
Other precious metals participated in the rally as well, spot platinum rose 1.1% to $2,143.70 per ounce, a 17 1/2 year high, while palladium rose 1.42% to $1,784.30 per ounce, a near 3 year high.
Domestic gold prices surged around 75% year-to-date, while international spot prices gained 70% in 2025 so far.
Silver has seen even stronger gains, surging 140% year-to-date. Domestic spot silver prices gained 142% this year.
Gold prices have risen sharply on aggressive central bank buying, expectations of interest rate cuts by the US Federal Reserve, geopolitical uncertainties, and strong inflows into bullion-backed ETFs.
Also Read: Gold Prices Soar to Best Gains Since 1979: What Lies Ahead?
Gold has key support in the international market near $4,430, followed by $4,285. Resistance is placed around $4,510 and $4,545 per ounce.
Silver has support at $68.40 and $67.75 in global markets, with resistance near $70 and $70.90 per ounce.
In the domestic market, MCX gold finds support near Rs. 1,35,550 and Rs. 1,34,710, while resistance is seen at Rs. 1,37,650 and Rs. 1,38,470 per 10 grams.
Silver support lies at Rs. 2,11,150 and Rs. 2,10,280, while resistance is placed at Rs. 2,13,810 and Rs. 2,14,970 per kg.
