Gold, Silver Rate Today, December 29: Gold at Record High, MCX Gold Near Rs 1.40 Lakh, Silver Soars

This article reports on current gold and silver prices in India and globally, noting record highs in spot and futures, drivers from safe-haven demand, anticipated US rate cuts in 2026, and China’s export controls affecting supply and prices.

Gold and silver prices today, December 29, continue their record run in India and abroad, as traders react to safe-haven demand, expectations of lower US interest rates in 2026, and tightening global supply. Spot and futures benchmarks in Mumbai, on the MCX, and on overseas exchanges all show fresh lifetime highs in early trading.

In Mumbai’s physical market, 24-carat gold is priced at Rs 1,41,360 per 10 grams, while 22k gold trades at Rs 1,29,590 per 10 grams. These figures exclude GST and making charges. Silver in the city’s spot market changes hands at Rs 2,50,900 per kilogram, reflecting the sharp move seen in derivative markets.

Gold and silver prices today in Indian spot and MCX markets

On the MCX, gold prices today move higher by 0.17 per cent in early deals, with the February 5, 2026, contract quoted at Rs 1,40,106 per 10 grams. Silver futures for March 5, 2026, climb 4.77 per cent to Rs 2,51,231 per kilogram, extending the strong upswing seen through the year.

Analysts tracking bullion say silver could stretch further on the MCX towards Rs 2,75,000 per kilogram, if current drivers hold. They also project international silver prices around $80 to $85 per ounce, arguing that constrained global supplies, combined with robust industrial consumption, are fuelling the present rally.

Gold and silver prices today across major Indian cities

Gold and silver prices today, December 29, show broad uniformity across key Indian cities, with 22k and 24k rates nearly aligned in many centres. The following table summarises indicative retail prices per 10 grams for 22k and 24k gold, excluding GST and making charges, based on prevailing market quotations.

Domestic bullion prices today, December 29, reflect a blend of global cues and local cost factors. International spot rates, import duties, state and central taxes, and rupee–dollar exchange movements influence rate-setting. Retail prices across cities, therefore, adjust daily as dealers respond to wholesale quotes and currency swings.

Global gold and silver prices today and supply dynamics

In global trade, gold and silver prices today also register record levels during early Asian hours. US spot gold advances to $4,515.6 per ounce, supported by safe-haven positioning and growing expectations that the US Federal Reserve will deliver further interest rate cuts during 2026, lowering the opportunity cost of holding bullion.

On Comex, silver futures jump nearly 7 per cent in overseas sessions, reaching a lifetime high of $80.77 per ounce. This performance outpaces gold on a percentage basis and underscores strong speculative and industrial interest, particularly as investors reassess precious metals within diversified portfolios amid global trade and policy uncertainty.

"Silver is supported by strong industrial demand from new-age sectors, relatively cheap pricing compared to gold, and a sharp rally in the industrial metals after Trump's tariff announcement in April 2025," Pranav Mer of JM Financial Services, said.

Gold and silver prices today backed by industrial and policy trends

Analysts point to China as a critical driver behind gold and silver prices today, especially for silver-linked industries. China, the largest silver consumer and a key producer of solar panels, electronics and EVs, has announced export restrictions effective January 1, 2026, requiring companies to secure licences, a framework expected to last through 2027.

Market participants expect these Chinese export controls to disrupt global supply chains for technology and renewable sectors. With industrial users seeking alternative sources, demand for silver-linked inventories is rising, feeding into futures markets. Combined with lingering global trade tensions, this backdrop keeps precious metals at the centre of commodity discussions.

Yearly performance behind gold and silver prices today

For the year so far, gold has climbed more than 70 per cent, marking its strongest annual rise since 1979. Drivers include persistent safe-haven demand, expectations of US rate cuts, continued central-bank purchases, de-dollarisation themes, and inflows into exchange-traded funds, with traders now pricing in two US rate cuts in 2026.

Silver’s advance has been even steeper, with prices jumping more than 150 per cent during the same period. The metal has benefited from strong investment demand, price momentum, and its inclusion on the US critical minerals list, which has sharpened focus on supply security and strategic stockpiling by both institutions and private investors.

Looking ahead into 2026, analysts suggest gold and silver prices today sit within a broader bullish context. They expect rate cuts, ongoing global trade frictions, and firm industrial demand to keep bullion markets supported. Many forecasts stress that volatility will likely persist as new data on growth, inflation and policy appears.

In India, gold retains a dual role as both a financial asset and a cultural symbol, especially at weddings and festivals. With market conditions shifting frequently, investors, jewellers and traders watch gold and silver prices today, December 29, very closely, using daily moves to guide purchase decisions, hedging strategies and savings plans.