Mumbai: The gold prices surged over 0.5 per cent to hit record highs, pushing above $4,500 an ounce due to escalating US‑Venezuela tensions and expectations for more US rate cuts next year.
MCX gold February futures rose 0.44 per cent to Rs 1,38,485 per 10 grams, while MCX silver surged 1.79 per cent to a record high of Rs 2,23,593 per kilogram.
The dollar index had declined 0.20 per cent during the session, making gold cheaper in overseas currencies.
"Spot gold surged past the psychological $4,500 per ounce milestone, propelled by safe-haven demand and rate cut expectations. Silver touched a fresh all-time high and surged beyond $72," said Devarsh Vakil, Head of Prime Research at HDFC Securities.
Silver has gained 24 per cent in December and 135 per cent year-over-year, reflecting tight supply-demand fundamentals and robust safe-haven flows, Vakil added.
Domestic spot gold prices have surged over 76 per cent year‑to‑date and international gold prices over 70 per cent in 2025, on track for their strongest annual performance since 1979.
Platinum traded above $2,300 an ounce for the first time in several decades, while palladium also recorded gains.
Indian rupee stable in real effective terms: RBINew Delhi: In real effective terms, the Indian rupee remained stable in November, as depreciation of the INR in nominal effective terms was offset by higher prices in India compared to its major trading partners, according to the Reserve Bank of India’s (RBI) December Bulletin. The rupee depreciated against the US dollar in November, pressured by the strengthening of the US dollar, muted foreign portfolio flows, and uncertainty surrounding the India-US trade deal. “The volatility of INR, as measured by higher prices in the coefficient of variation, moderated in November from a month ago and remained relatively lower than most currencies. In December so far (up to 19), the INR depreciated by 0.8 per cent over its end-of-November level,” according to the Bulletin. During 2025-26 (up to December 18), net FPI registered outflows, driven by the equity segment. FPI flows turned negative in December following inflows in the previous two months. Nonetheless, India’s foreign exchange reserves remain adequate, providing a cover for more than 11 months of goods imports and a cover for more than 92 per cent of the external debt outstanding, according to the RBI. |
