Gold Prices Surge as MCX Futures Rise Ahead of Fed Announcement

Gold prices in India saw a significant increase as the week concluded, driven by speculation surrounding a potential rate cut by the US Federal Reserve in December. On November 30, 2023, MCX gold futures for February 2026 rose by Rs 1,932, or 1.51%, reaching Rs 1,29,599 per 10 grams. Meanwhile, silver also experienced a slight uptick, with futures for February gaining 0.16% to Rs 1,75,650 per kilogram.

According to early trade data from India Bullions at 06:20 am, 24-carat gold was priced at Rs 1,29,640 per 10 grams, while 22-carat gold was at Rs 1,18,837. The price of silver (999 fine) stood at Rs 1,75,000 per kilogram.

Long-Term Gains in Gold Prices

Gold has demonstrated strong long-term growth, with prices increasing nearly 1,500% over the past two decades. From a price of Rs 7,638 in 2005, gold has surged to over Rs 1,25,000 as of September 2025, achieving positive returns in 16 out of the last 20 years. Analysts attribute this consistent appreciation to gold’s safe-haven appeal during periods of inflation, geopolitical tensions, and volatility in the equity markets. The metal has also climbed 56% year-to-date, supported by robust central bank purchases and a weaker outlook for the US dollar.

Current Retail Prices Across Major Cities

Retail gold prices remain firm in major Indian cities. In Mumbai, 24-carat gold is priced at Rs 1,29,400 per 10 grams, with 22-carat gold at Rs 1,18,617. In Delhi, the prices are Rs 1,29,180 for 24-carat and Rs 1,18,415 for 22-carat gold. Kolkata showed similar figures, with prices at Rs 1,29,230 and Rs 1,18,461, respectively.

In Ahmedabad, 24-carat gold is slightly higher at Rs 1,29,570, while Bengaluru quoted Rs 1,29,500 for 24-carat and Rs 1,18,708 for 22-carat. Hyderabad recorded prices of Rs 1,29,610 and Rs 1,18,809, while Chennai remains the most expensive city, with prices at Rs 1,29,780 for 24-carat and Rs 1,18,965 for 22-carat.

It is essential to note that jewellers may impose additional charges such as GST and making charges, which could further elevate final retail prices.

The silver market reflects similar trends, with Mumbai’s silver bullion rate at Rs 1,74,680 per kilogram, compared to the MCX price of Rs 1,75,340 for the same quantity. This pattern is consistent across cities like Delhi, Kolkata, Ahmedabad, Bengaluru, Hyderabad, and Chennai, where minor variations occur due to local demand and transportation costs.

As gold prices approach their record high, analysts speculate that the precious metal is now only Rs 2,700 away from setting a new peak. A significant rise may occur if the Federal Reserve indicates the start of an easing cycle. Global macroeconomic trends, inflation data, and currency fluctuations will play critical roles in determining the future trajectory of gold prices in the coming weeks.

Investors are encouraged to consult certified financial advisors before making investment decisions, as this article is intended for informational purposes only.