The precious metals market at Índia registered intense movement at the end of 2025, with the price of gold experiencing a significant drop on the eve of the Ano Novo of 2026. Esta reduction brought considerable relief to consumers, who had been following a strong appreciation of the gold metal in previous weeks.
Despite the drop in gold, silver continued its upward trajectory, setting new price records. The dynamics between the two metals reflects the complexity of the local market, influenced both by internal demand factors and the global economic scenario.
The expectation is that the fall in gold prices will reactivate pent-up demand, attracting buyers who had postponed their purchases due to high values back to the market. Esta easing could boost jewelry trade and investments in precious metals before the next festive cycle.
Current quotes for gold and silver at Índia
On Monday, December 29, the price of 24 carat gold was reduced by 2,020 rupees per 10 grams, trading at 140,400 rupees. Para 100 grams, the drop was 20,200 rupees, setting the value at 1,404,000 rupees, marking one of the steepest declines of the period.
At the same time, 22-carat gold fell by 1,850 rupees per 10 grams, reaching 128,700 rupees. Silver also showed a slight correction after reaching historic peaks, with 1 kg costing 258,000 rupees, a reduction of 4,000 rupees compared to previous days, but still at high levels.
Movement in futures contracts
The outlook for futures contracts on Multi Commodity Exchange (MCX) diverges from spot prices, indicating mixed expectations for the beginning of 2026. Gold futures contracts expiring on February 5, 2026 registered an appreciation of 0.16%, reaching 140,100 rupees per 10 grams. Já silver futures contracts, expiring on March 5, 2026, showed a more significant increase, of 3.86%, being traded at 249,034 rupees, consolidating the historical record for the metal. Essa rise in futures suggests a prospect of stability or recovery for precious metals in the short to medium term, contrasting with the recent decline in spot prices and offering an additional layer of complexity for investors.
International scenario and domestic demand
The drop in gold prices on Índia was mirrored by a retreat in international spot gold, which closed at US$4,512.74 per ounce on Friday, after reaching its all-time high. Enquanto this, international spot silver surpassed the US$80 mark per ounce, setting new records on the global stage.
With falling values, a large number of Indian consumers, who had postponed purchasing gold due to high prices, are expected to return to the market. Este recovery in domestic demand is crucial for the sector, especially in a period of transition to the new year, marked by celebrations and traditions that drive jewelry consumption.
Gold Values by Major Indian Cities
Gold prices in several Indian cities reflected the national downward trend on December 29th. Em Chennai, 24-carat gold was traded at Rs 142,040 per 10 grams, after falling by Rs 870, while 22-carat gold fetched Rs 130,200, down by Rs 800.
In the city of Hyderabad presented identical values, with 24 carat gold at 140,400 rupees and 22 carat at 128,700 rupees per 10 grams.
In Mumbai, one of the main commercial centers of Índia, 22-carat gold was at 128,700 rupees per 10 grams, and 24-carat at 140,400 rupees. The uniformity of prices in most large cities demonstrates the influence of macroeconomic factors and the international market on the value of the precious metal in the country.
Market analysis and expectations
Nirmal Bang Securities analysts indicated that, after reaching higher levels on international stock exchanges, gold and silver prices suffered profit taking, a common market movement. The expectation is that, on Indian stock exchanges, precious metal prices will fluctuate within a narrow range, with a slight upward trend throughout the day, as the market absorbs the recent movements.
Silver in particular retreated after surpassing $80 an ounce for the first time, as investors took profits in response to a record rally driven by speculative trading. Este scenario suggests a period of caution, but also of opportunities for those looking to invest in precious metals, closely monitoring fluctuations and market reports.
History of metal appreciation
Gold prices in Índia saw a remarkable 81% increase in 2025 compared to the previous year, driven by robust demand in the market. Essa substantial appreciation reflects Indians’ continued preference for gold as a security asset and cultural investment.
This growth trend highlighted the importance of the metal in the country’s economy and traditions. At the same time, silver has also recorded a series of successive records, recently reaching an unprecedented value of 2.6 lakh per kilogram, consolidating its position as a precious metal of great interest to investors and consumers.
Silver overview and trends
Silver prices at Índia registered a drop on December 29, after a period of significant increases, reflecting market volatility. Atualmente, a kilogram of silver costs 258,000 rupees, with a reduction of 4,000 rupees in a single day. Essa movement, although a correction, occurs after the metal reached record levels driven by a structural imbalance between supply and demand, and also by speculative trading.
