Gold prices continued to hover near record levels on December 24, supported by global market cues and currency movements, even as domestic futures saw a mild pullback.
In the international market, spot gold, which refers to physical gold bought for immediate delivery, was trading just above $4,494 an ounce at 9:19 am IST. The price was up 0.19% in a day and 3.50% over the past week, reflecting steady demand amid ongoing global uncertainty
Back home, gold futures on MCX were trading at ₹1,38,325 per 10 grams for 24-carat purity on Wednesday. This marked a 0.32% dip from the previous close, suggesting some profit booking after recent highs.
The MCX gold futures contract had touched a record ₹1,38,496 on December 23, before easing slightly. Futures trading allows investors to buy or sell gold at a fixed price for a future date, making it popular among traders looking to hedge or speculate.
The rupee was quoted at 89.461 against the US dollar on Wednesday. While it gained 0.05% on the day, it was still 1.07% weaker over the week, a factor that often influences domestic gold prices, as India imports most of its gold.
A softer rupee typically makes imported commodities like gold more expensive in the local market, even if global prices remain steady.
According to a report released on December 23 by Augmont Bullion, gold has crossed the $4,500 (₹1,38,000) mark for the 50th time this year. The report linked the rally to expectations of looser US monetary policy and ongoing geopolitical tensions.
Gold is also on track for its strongest run since 1979, a year remembered for repeated record highs in the precious metal.
The report noted that prices recently broke past the earlier resistance of $4,400, after spending nearly two months consolidating between $3,935 and $4,400. Based on this trend, analysts expect the rally to possibly extend towards $4,575 (₹1,40,000) and $5,000 (₹1,50,000) in the coming weeks, depending on global developments.
Gold prices continue to vary based on purity levels. As of December 24, 10 grams of 24-carat gold was priced at ₹1,38,560, while 22-carat gold stood at ₹1,27,010. 18-carat gold, often used for lightweight jewellery, was priced at ₹1,03,920 per 10 grams.
Across major Indian cities, gold rates showed minimal variation, with prices largely aligned after accounting for local taxes, jeweller margins, and logistics costs. In Kerala, the prices broadly mirrored national levels.
For now, the data suggests that gold remains firmly in focus for investors and buyers alike, shaped by global monetary expectations, currency movements, and geopolitical signals. Whether the current momentum sustains or cools may depend on how these factors evolve in the days ahead.