Silver Hits New Record, Gold Climbs to Rs 1,39,000; December 24 Prices in Your City

Gold and Silver Rates Today, December 24: Record Highs Amid Safe-Haven Demand.

Gold and silver prices continued their upward momentum on Wednesday, December 24, hitting record highs amid strong safe-haven demand and expectations of US interest rate cuts next year. In Mumbai, 24-carat gold was priced at Rs 1,38,930 per 10 grams, while 22-carat gold traded at Rs 1,27,350 per 10 grams. Silver was available at Rs 2,33,000 per kg in the spot market. (Prices exclude GST and making charges.)

Gold and Silver Prices Across Key Cities in India

Investors can track city-wise 22kt and 24kt gold rates to stay updated on the market. Prices are influenced by international rates, import duties, taxes, and currency fluctuations.

International Market Performance

Globally, gold surpassed $4,500 per ounce for the first time on Wednesday. Spot gold rose 0.1% to $4,492.51, after touching a record $4,525.19, while US February gold futures climbed 0.3% to a record $4,520.60.

Silver surged 1.2% to $72.27 per ounce, hitting an all-time high of $72.70, while platinum jumped 3.3% to $2,351.05, after reaching $2,377.50. Palladium rose nearly 2% to $1,897.11, its highest in three years.

Ilya Spivak, head of global macro at Tastylive, noted: “Precious metals are increasingly viewed as neutral assets without sovereign risk, especially amid US-China tensions. Thin year-end liquidity has exaggerated recent moves, but the broader trend is likely to continue. Gold could target $5,000 and silver $80 in the next six to twelve months.”

Strong Annual Gains

Gold: Up over 70% this year, the largest annual gain since 1979.

Silver: Surged over 150%, outpacing gold due to strong investment demand, its addition to the US critical minerals list, and momentum buying.

Factors Affecting Gold Prices in India

Gold prices in India are influenced by:

• International market rates
• Import duties and taxes
• Exchange rate fluctuations

Gold remains a key cultural and financial asset in India, especially for weddings and festivals. Investors and traders closely monitor market trends to make informed decisions in a dynamic environment.