Gold prices edged marginally lower on Friday as a firmer U.S. dollar and year-end portfolio adjustments weighed on the market. Despite the mild pullback, bullion was on track to finish the week in positive territory, supported by easing U.S. inflation data that strengthened expectations of interest rate cuts by the Federal Reserve.
Spot gold slipped 0.1 per cent to $4,326.37 an ounce, while U.S. gold futures declined 0.2 per cent to $4,354.80. Even so, spot prices were set to post a weekly gain of about 0.6 per cent, recovering close to record highs last seen in October.
Gold Prices in India Today
24-carat gold (pure gold): approx ₹13,445 per gram
22-carat gold (jewellery standard): approx ₹12,327 per gram
24 K (pure gold): around ₹1,34,170–₹1,34,950 per 10 grams
22 K (jewellery standard): around ₹1,22,990–₹1,23,790 per 10 grams
City-wise highlights:
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Chennai: 24K ~ ₹13,505 per gram, 22K ~ ₹12,379 per gram
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Delhi: 24K ~ ₹13,432 per gram, 22K ~ ₹12,314 per gram
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Mumbai: 24K ~ ₹13,417 per gram, 22K ~ ₹12,299 per gram
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Bengaluru/Kolkata/Hyderabad: 24K ~ ₹13,417 per gram, 22K ~ ₹12,299 per gram
Silver Outshines Gold
Silver continued to outperform gold, rising 0.8 per cent to around ₹1.76 lakh per kg. The metal was set to end the week nearly 6 per cent higher after touching an all-time high of about ₹1.78 lakh per kg earlier this week. Strong industrial demand has powered silver’s sharp rally this year. Prices have surged by nearly 128 per cent so far in 2025, significantly outperforming gold, which has posted an annual gain of around 65 per cent.
Analysts note that silver’s dual role as both a precious and industrial metal has amplified gains amid optimism around manufacturing and clean-energy demand.
Silver Prices in India Today (20 December 2025)
Approximate rates per major cities:
Silver Rates (per 10 grams)
New Delhi: ~ ₹2,260
Mumbai: ~ ₹2,254
Chennai: ~ ₹2,157
Bangalore: ~ ₹2,153
Larger Weights
100 grams: ~ ₹22,600
1 kilogram: ~ ₹2,26,000 (₹2.14 L–₹2.26 L depending on city)
Note: These are spot market prices and the rate you pay at jewellers may vary with making charges, GST, and local dealer premiums.
Inflation Data Fuels Rate-Cut Bets
Market sentiment has been bolstered by softer U.S. inflation figures. Consumer prices rose 2.7 per cent year-on-year in November, undershooting economists’ expectations of 3.1 per cent. The data reinforced hopes that inflationary pressures are easing, potentially giving the Federal Reserve room to lower interest rates in the coming months.
Chicago Federal Reserve President Austan Goolsbee said that if the softer inflation trend continues, it could open the door to further rate cuts next year. Following the data release, federal funds rate futures showed a slightly higher probability of a rate cut as early as January.
Dollar Strength Caps Gains
The U.S. dollar climbed to over one-week highs, making dollar-priced bullion more expensive for holders of other currencies. This limited gold’s upside in the short term. According to market analysts, the current dip largely reflects light trading volumes and position adjustments ahead of the holiday season rather than a shift in the broader bullish outlook.
“Gold is seeing some minor pressure today likely due to some end-of-year positioning and general quietness ahead of the holidays,” said Zain Vawda, analyst at MarketPulse by OANDA, adding that recent softer U.S. economic data has helped prospects of rate cuts next year.
Outlook Remains Bullish
Investment banks remain optimistic about gold’s long-term trajectory. Goldman Sachs reiterated its bullish stance, forecasting that gold prices could climb 14 per cent to around $4,900 per ounce by December 2026. The bank cited sustained central bank buying and cyclical support from U.S. rate cuts as key drivers, while also highlighting potential upside from increased private investor diversification.
Platinum and Palladium Rally
