Gold and Silver Rates Today, December 31: After a continuous upside momentum, gold and silver prices witnessed a fall on Wednesday, December 31, amid profit-booking. In Mumbai, the price of 24-carat gold fell
to Rs 1,35,880 per 10 grams, while 22k gold was available at Rs 1,24,550 per 10 grams. These rates do not include GST and making charges. Silver was available at nearly Rs 2,40,000 per kg in the spot market.
On the MCX, gold prices were trading lower by 0.50 per cent to trade at Rs 1,35,976 per 10 grams for the February 5, 2026, contracts in the morning trade, while silver declined 4.2% to trade at Rs 2,40,463 per kg for the March 5, 2026, contracts.
What Is The Price Of 22kt, 24kt Gold Rates Today In India Across Key Cities On December 31?
| City | 22K Gold (per 10gm) | 24K Gold (per 10gm) |
|---|---|---|
| Delhi | Rs 1,24,700 | Rs 1,36,030 |
| Jaipur | Rs 1,24,700 | Rs 1,36,030 |
| Ahmedabad | Rs 1,24,600 | Rs 1,35,930 |
| Pune | Rs 1,24,550 | Rs 1,35,880 |
| Mumbai | Rs 1,24,550 | Rs 1,35,880 |
| Hyderabad | Rs 1,24,550 | Rs 1,35,880 |
| Chennai | Rs 1,24,550 | Rs 1,35,880 |
| Bengaluru | Rs 1,24,550 | Rs 1,35,880 |
| Kolkata | Rs 1,24,550 | Rs 1,35,880 |
Amid price surge, Indians opt for bars and coins over jewellery
For nearly two decades, Mumbai homemaker Prachi Kadam marked every festive season with a gold jewellery purchase, blending tradition with personal style. This year’s record rally in prices, however, led her to choose a 10-gram gold coin instead of necklaces or bangles.
“I like jewellery because it can be worn during functions, but it’s hard to justify paying an additional 15% in making charges,” said Kadam, who, like millions of Indians, considers buying gold during festivals to be auspicious. “So I settled for a 10-gram coin this time,” she added, according to Reuters.
Her decision reflects a broader shift in India, one of the world’s largest gold markets and where the metal holds deep cultural and financial significance. With prices heading for their biggest annual gain in 46 years, consumers are increasingly turning away from jewellery toward small coins and bars.
Strong demand for safe-haven assets, U.S. interest rate cuts and a weaker dollar drove global gold prices up 67% so far this year and saw them hitting a record high of $4,549.7 per troy ounce on December 26.
Indian domestic gold prices climbed 77% this year, outpacing the Nifty 50 index’s 9.7% gain, aided by a 5% fall in the rupee against the dollar.
What Factors Affect Gold Prices In India?
International market rates, import duties, taxes, and fluctuations in exchange rates primarily influence gold prices in India. Together, these factors determine the daily gold rates across the country.
In India, gold is deeply cultural and financial. It is a preferred investment option and is key to celebrations, particularly weddings and festivals.
With constantly changing market conditions, investors and traders monitor fluctuations closely. Staying updated is crucial for effectively navigating dynamic trends.
