Spot gold, silver up tracking record high MCX, COMEX prices, firm demand
This story was originally published at 14:45 IST on 26 December 2025
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NEW DELHI – Spot gold and silver prices rose Friday, tracking futures prices on Multi Commodity Exchange of India and COMEX. Bullion prices on MCX and COMEX hit fresh record highs earlier in the day as the dollar weakened and traders bought the safe-haven asset amid rising geopolitical uncertainities. Growing expectations of a rate cut by the US Federal Reserve next year also supported the non-interest-yeilding metal.
Bullion prices rose amid ongoing geopolitical tensions between the US and Venezuela, as well as between Russia and Ukraine. US President Donald Trump intensified the US naval blockade of Venezuelan oil tankers. While Venezuelan crude accounts for only a small share of global supply, it remains a vital source of revenue for the government. Expectation of a quick resolution to Russia's war against Ukraine faded as both the countries continued to target each other's energy infrastructure.
Spot gold of 99.9% purity was trading in the Mumbai market at INR 141,200 per 10 grams, up from to INR 136,635 per 10 grams on Wednesday. The spot silver of 99.9% purity edged higher at INR 233,000 per kg, compared with INR 218,954 per kg on Wednesday, according to jewellers. "Spot gold rates have shot up, and discount are gone in gold and silver," a jeweller said.
"There is no discount. Spot is largely at par with futures," Kumar Jain, spokesperson, India Bullion and Jewellers Association, said. According to Jain spot demand is firm due to strong investor demand and wedding purchases.
At 1414 IST, the most-active February gold contract on the MCX was up 1% at INR 139,269 per 10 grams, after touching a record high of INR 139,433 per 10 grams. The same-month gold contract on COMEX was up 1% at $4,544.3 per ounce, after hitting a record high of $4,561.6 per ounce earlier in the day.
At 0941 IST, the most-active March silver contract on the MCX was up 3.7% at INR 232,085 per kg, after touching a record high of INR 232,741 per kg. The March silver contract on COMEX was up 4.7% at $74.99 per ounce, after hitting a record high of $75.5 per ounce. End
US$1 = INR 89.81
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Reported by Afra Abubacker
Edited by Akul Nishant Akhoury
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