Gold and silver prices in India rose for the second consecutive day on Tuesday amid hopes of a resolution to the US government shutdown and rising expectations that the US Federal Reserve will cut interest rates in its December meeting. In Mumbai, 24 carat gold was priced at ₹1,23,830 per 10 grams, while 22 carat gold was priced at ₹1,13,510 per 10 grams. These prices do not include GST and making charges. Silver was available at ₹1,57,100 per kg. On the MCX futures market, December 5 futures gold prices were trading 0.94% higher at ₹1,25,135 per 10 gram, while silver was trading 1.16% higher at ₹1,55,450 per kg.
Rahul Kalantri, Vice President (Commodities), Mehta Equities said, “Gold and silver started the week on a strong note and touched three-week highs. Hopes of a resolution to the US government shutdown and rising expectations of an interest rate cut at the Fed meeting in December boosted the rally. Weakness in the dollar index encouraged profit-taking, while safe-haven demand pushed the prices further. Fed Governor Stephen Miron also suggested a significant interest rate cut of 50 basis points to ease rising unemployment and sluggish inflation. JPMorgan expects gold prices to remain supported in the long term, and continued buying by central banks is expected to keep gold prices above $5,000 next year.
Silver may touch the level of ₹ 1.75 lakh around March 2026
Kishore Runwal of Anmol Silver says that silver can reach the level of ₹1.63 lakh. After the decline during Diwali, it is expected to bounce back. Silver is finding support at ₹1.45 lakh (approximately $1.62-₹1.65) per kg. There has been a decline in purchasing since Diwali, but the market is hopeful that prices may rise again once the wedding season begins.
Regarding imports, he said silver imports have declined in November. A lot of investment is being made in ETFs in India. Many companies stopped investing in ETFs when premium rates were reached. I believe that after December 15, the market is expected to rise again. Kishore Runwal further said that silver could reach ₹1.75 lakh (about $1.75 lakh) per kg in the physical market around March 2026.
