.png){kind=logo}
Gold prices ended the week on a firmer note in India amid growing bets that the US Federal Reserve may declare a rate cut in December. MCX gold futures for February 2026 jumped Rs 1,932, or 1.51%, to Rs 1,29,599 per 10 grams, while MCX silver futures for February inched up 0.16% to Rs 1,75,650 per kg.
Early trade data provided by India Bullions at 6:20 am on November 30 showed 24-carat gold at Rs 1,29,640 per 10 grams, 22-carat at Rs 1,18,837, and silver (999 fine) at Rs 1,75,000 per kg.
Gold has been the most rewarding from a long-term perspective and has surged nearly 1,500% in the last two decades. From Rs 7,638 in 2005, prices have grown to over Rs 1,25,000 in 2025 as of September and have returned positive gains for 16 out of the last 20 years.
Analysts said it has continuously appreciated due to safe-haven appeal during periods of inflation, geopolitical tension, and equity market volatility. Gold is also up 56% on a year-to-date basis in support of strong central bank buying and a softer US dollar outlook.
Gold rates were firm in major metros on Sunday. In Mumbai, 24-carat gold is quoted at Rs 1,29,400 per 10 grams, and 22-carat at Rs 1,18,617 in line with MCX prices. In Delhi, 24-carat gold is quoted at Rs 1,29,180, and 22-carat gold is quoted at Rs 1,18,415.
Prices in Kolkata showed a similar trend, with 24-carat at Rs 1,29,230 and 22-carat at Rs 1,18,461. Ahmedabad quoted gold at a slightly higher price of Rs 1,29,570 for 24-carat and Rs 1,18,773 for 22-carat. Down south, Bengaluru quoted Rs 1,29,500 for 24-carat and Rs 1,18,708 for 22-carat, while Hyderabad recorded Rs 1,29,610 and Rs 1,18,809, respectively.
Chennai, among the major markets, was still the most expensive, with 24-carat priced at Rs 1,29,780 and 22-carat at Rs 1,18,965. There is a chance that jewellers may impose GST, making charges, and other taxes, which will lead to an increase in the final retail prices.
Also Read: Gold Nears Rs. 1.30 Lakh as Fed Rate Cut Speculation Ignites Massive Rally
Mumbai’s silver bullion rate was Rs 1,74,680 for one kg, while the price of silver 999 on the MCX was Rs 1,75,340 for one kg. A similar trend was observed in Delhi, Kolkata, Ahmedabad, Bengaluru, Hyderabad, and Chennai but with small differences due to local demand and cost of transport.
The precious metal is now only Rs 2,700 away from its record high. Analysts believe that a fresh peak is possible once the Federal Reserve signals the start of an easing cycle.
Global macro trends, inflation data, and currency movements will be crucial for determining the trajectory of the metal in the weeks to come.
Disclaimer: This article is for informational purposes only. Investors should consult with certified financial advisors before making investment decisions.
