The stellar rally in the precious metals market continued unabated on Monday, December 22, 2025, with both gold and silver soaring to fresh lifetime highs in Indian and international markets. For retail buyers and investors, the biggest headline is the steep rise in physical prices, with 24-carat gold (99.9% purity) touching an all-time high of ₹1,38,200 per 10 grams in Delhi, reflecting an increase of over ₹1,600 in a single session. This phenomenal surge ensures the yellow metal closes the year having posted one of its strongest annual performances in recent history.
This aggressive upward movement is not an isolated domestic phenomenon but a direct consequence of a powerful global trend. On the Multi Commodity Exchange (MCX), the February gold futures contract surged past the ₹1,36,000 mark, while silver followed suit with even more dramatic gains, hitting a record high of approximately ₹2,14,500 per kilogram. The simultaneous rise signals a broad-based flight to safety among institutional and retail investors globally, driven by persistent geopolitical instability and expectations of central bank policy shifts.
The Drivers Behind the Historic Rally
The factors fueling this unprecedented rally are structural and cyclical, creating a perfect storm for safe-haven assets. The most dominant signals pointing toward continued strength in bullion prices are:
- Geopolitical Uncertainty: Ongoing trade conflicts and global diplomatic friction continue to push investors toward gold, which historically maintains its value when riskier assets decline.
- Sustained Central Bank Buying: Global central banks, notably those in emerging economies, are consistently adding gold to their reserves to diversify their balance sheets and reduce reliance on the US Dollar. This relentless high-volume purchasing removes significant physical supply from the market.
- US Dollar Dynamics: Anticipation of a potential easing cycle by the US Federal Reserve, including eventual interest rate cuts, has weakened the US Dollar. Since gold is priced in the greenback, a weaker dollar makes bullion cheaper for international buyers, boosting demand.
- Inflation and Recession Fears: Gold remains the classic hedge against inflation. While official inflation expectations are stable, general market nervousness regarding a global economic slowdown or the impact of high US debt levels supports the demand for hard assets.
The combination of these factors suggests that this is more than just a momentary spike; it is a structural reassessment of gold’s role in the global financial system.
Silver’s Explosive Performance
While gold often grabs the headlines, silver’s rally has been even more intense on a percentage basis. In the domestic market, silver’s rise to a new record high of over ₹2.14 lakh per kilogram highlights a strong industrial demand component alongside its safe-haven status. Silver is widely used in rapidly growing sectors like solar panels and electric vehicle components, making it a dual-purpose metal. Analysts note that mining disruptions and tight silver inventories worldwide are exacerbating the supply deficit, adding upward pressure to prices far exceeding gold’s movements.
The March silver contract on the MCX saw its price nearly double over the course of 2025, a dramatic show of momentum that positions the white metal as a top-performing commodity for the year.
Price Watch: Current City Rates
The price of physical gold, which includes local taxes and making charges, naturally varies slightly across major metropolitan areas. Today’s closing rates for 24-carat gold (per 10 grams) hover near the peak:
- Delhi: Approximately ₹1,38,200
- Mumbai: Approximately ₹1,37,850
- Kolkata: Approximately ₹1,37,900
- Chennai: Approximately ₹1,38,300
Investors looking at futures markets are advised to monitor the support and resistance levels on MCX, as the short-term market often sees profit-booking near these historic highs, even as the long-term trend remains strongly bullish.
Frequently Asked Questions (FAQs)
Q: What is the highest recorded price for 24K gold today (Dec 22, 2025)?
A: The highest recorded price for 24K gold (99.9% purity) is approximately ₹1,38,200 per 10 grams in physical markets.
Q: What is the current price of silver per kilogram?
A: Silver prices have reached a new peak of around ₹2,14,500 per kilogram on the Multi Commodity Exchange (MCX).
Q: Why is the price of gold rising so sharply?
A: The primary reasons are sustained safe-haven demand due to geopolitical tensions, aggressive gold purchases by global central banks, and market anticipation of a weaker US Dollar due to expected interest rate cuts.
Disclaimer: Prices are indicative and may vary based on local taxes, GST, and making charges. Readers are advised to consult a financial advisor before investing.
