Spot gold, silver prices up on as tensions between Russia, Ukraine intensify
This story was originally published at 16:04 IST on 30 December 2025
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MUMBAI – Spot gold and silver prices rose Tuesday as geopolitical tensions between Russia and Ukraine intensified. Prices also rose due to rising expectations of a rate cut by the US Federal Reserve next year.
Spot gold of 99.9% purity was trading in the Mumbai market at INR 141,000 per 10 grams, up from INR 136,781 per 10 grams Monday. Spot silver of 99.9% purity edged higher at INR 245,000 per kg, compared with INR 235,440 per kg Monday, Kumar Jain, spokesperson, India Bullion and Jewellers Association, said. "As of now there is no discount in gold and silver prices," the jeweller said.
"The ongoing geopolitical tensions between Russia and Ukraine and Fed rate cut hopes for 2026 are driving prices," Jain said. On Monday, Russia accused Ukraine of launching a drone attack on the presidential residence in northern Russia, due to which Moscow now plans to review its position in peace talks. Ukraine dismissed Russian statements about the attack and its foreign minister said Moscow was seeking "false justifications" for further strikes.
Fed funds futures traders are pricing in two or three 25-basis-point rate cuts by the Federal Reserve in 2026. Typically, a lower interest-rate environment boosts the appeal of non-interest-yielding precious metals. "Interest rate cuts and bets of further easing by the US Federal Reserve, geopolitical conflicts, robust demand from central banks, and rising holdings in exchange-traded funds have fuelled gold's rally this year," SMC Global Securities said in a report.
Silver prices are also being supported by a rise in demand from solar panel factories, medical device makers, electric vehicle manufacturers, data centre developers, and continued growth in electronics production globally. End
Reported by Reshma Ravi
Edited by Tanima Banerjee
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