As the final day of the year dawned, the domestic bullion markets in India presented a mixed picture for precious metals. On Tuesday, December 31, gold prices on the Multi Commodity Exchange (MCX) witnessed a slight decline, while silver managed to hold its ground with modest gains. This movement set the tone for the closing rates across major Indian cities, offering a snapshot of the market sentiment as 2025 drew to a close.
MCX Trading Session: Gold Dips, Silver Edges Higher
The trading activity on the MCX for the December 31 session revealed a nuanced trend. The most active February 2025 gold futures contract experienced a dip, trading lower by 0.10 percent. Specifically, the contract was quoted at Rs 62,850 per 10 grams. In contrast, silver futures for March 2025 delivery showed resilience, trading with a positive bias. The silver contract was seen at Rs 75,980 per kilogram, marking a gain of 0.15 percent during the session.
This divergence highlights the different factors influencing each metal. Gold, often seen as a pure safe-haven asset, might have been affected by specific domestic liquidity conditions or a slight strengthening of the rupee. Silver, with its significant industrial applications, could have found support from underlying demand in manufacturing sectors.
City-Wise Gold Prices: A Snapshot Across India
Following the trends on the futures exchange, physical gold prices in major retail markets across India were adjusted accordingly. The rates for both 24-carat and 22-carat gold varied from city to city, incorporating local taxes, making charges, and demand dynamics.
In the national capital, Delhi, the price for 24-carat gold was reported at Rs 64,300 per 10 grams. The 22-carat variant was available at Rs 58,950 per 10 grams.
Mumbai, a crucial bullion hub, saw 24-carat gold priced at Rs 64,200 per 10 grams. The 22-carat gold rate in the city stood at Rs 58,850 per 10 grams.
Chennai's market quoted 24-carat gold at Rs 64,450 per 10 grams, while 22-carat gold was selling for Rs 59,100 per 10 grams.
Other major cities reflected similar pricing:
- Kolkata: 24-carat at Rs 64,300, 22-carat at Rs 58,950.
- Bengaluru: 24-carat at Rs 64,250, 22-carat at Rs 58,900.
- Hyderabad: 24-carat at Rs 64,300, 22-carat at Rs 58,950.
- Ahmedabad: 24-carat at Rs 64,350, 22-carat at Rs 59,000.
- Pune: 24-carat at Rs 64,150, 22-carat at Rs 58,800.
Global Cues and Market Outlook
The domestic market took cues from the international arena, where gold prices on the COMEX were trading marginally lower. Spot gold was quoted around $2,325 per ounce. This global softness, combined with the rupee's performance against the US dollar, contributed to the subdued tone for gold in Indian markets.
Analysts pointed out that the year-end typically sees subdued trading volumes and profit-booking, which can lead to increased volatility. Investors and jewelers were observed adopting a cautious stance, awaiting fresh triggers for the new year. The focus has now shifted to upcoming macroeconomic data from the US and global central bank policies, which will likely dictate the trend for precious metals in January 2026.
For retail buyers, the slight dip presented a modest opportunity, but the overall sentiment remained one of watchfulness. The prices on December 31 effectively closed the annual chapter for gold and silver, setting a benchmark from which the 2026 narrative will begin.
