Spot gold, silver prices up on geopolitical tensions between US, Venezuela
This story was originally published at 14:05 IST on 24 December 2025
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MUMBAI – Spot gold and silver prices rose Wednesday due to ongoing geopolitical tensions between the US and Venezuela. Growing expectations of a rate cut by the US Federal Reserve in 2026 also supported the spot prices for gold and silver.
Spot prices were up due to uncertainty in the world and the US economy, jewellers said. The US continues its efforts to intercept oil tankers off the coast of Venezuela, as Washington intensifies pressure on President Nicolas Maduro's administration. The US has deployed large numbers of special-operations aircraft, troops, and equipment to the Caribbean area this week, providing Washington with additional options for possible military action in Venezuela, The Wall Street Journal reported.
Spot gold of 99.9% purity was trading in the Mumbai market at INR 137,000 per 10 grams, up from to INR 136,283 per 10 grams on Tuesday. The spot silver of 99.9% purity edged higher at INR 214,000 per kg, compared to INR 211,000 per 10 grams on Tuesday. The spot gold is at a discount of INR 3,000 per 10 grams and silver is at a discount of INR 2,000 per kg, market sources said.
The spot market is currently thin, with volumes limited, as there are more sellers in the market than there are buyers at such high prices, said a bullion trader.
Moreover, "Fed Governor Christopher Waller, who is in the running to be chosen as Fed Chair Jerome Powell's successor, said last week that the Fed still had more room to cut rates. Traders are still pricing in two interest rate cuts by the US Federal Reserve next year," SMC Global Securities said in a report, pushing up expectations of rate cuts. End
Reported by Reshma Ravi
Edited by Tanima Banerjee
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