Gold, silver near all-time highs in India: Key domestic cues in focus

Gold and silver prices in India continued to trade near all-time highs on Monday (December 29), supported by expectations of global interest rate cuts, a weaker US dollar and sustained investment demand, even as some profit-taking emerged at elevated levels.

Gold futures on the Multi Commodity Exchange (MCX) for February 2026 delivery rose 0.16% to trade at ₹1.40 lakh per 10 grams. Despite a brief dip in spot prices earlier in the day, gold has remained elevated after rising nearly ₹75,500 per 100 grams in the 24-carat segment over the past 10 sessions.

Silver futures on the MCX for March 2026 delivery jumped 3.86% to a lifetime high of ₹2.49 lakh per kilogram, driven by strong industrial demand and supply-side concerns.

According to Augmont Enterprise, bullion prices may see near-term consolidation after the sharp rally, with gold expected to hold above the ₹1.36 lakh per 10 grams level and silver above ₹2.40 lakh per kg, which analysts view as critical supports for maintaining the broader uptrend.

Rahul Kalantri, Vice President – Commodities at Mehta Equities, said easing monetary policy expectations, geopolitical tensions and supply risks continue to support bullion prices. He added that China’s proposed silver export restrictions from January 2026 have heightened supply concerns and contributed to silver’s recent outperformance.

Meanwhile, V K Vijayakumar, Chief Investment Strategist at Geojit Investments, said India’s macroeconomic environment remains stable, with robust growth and a supportive financial framework, which could help sustain investor interest in physical assets, including gold, during periods of market consolidation.

The broader outlook for bullion remains constructive as markets continue to factor in rate cuts, currency movements and global trade uncertainties heading into 2026.