Gold prices in Delhi rally ₹3,040 to ₹1.33 lakh per 10 gm amid strong global cues; spot silver at lifetime high

Gold prices (99.9% purity, 24K) in India soared ₹3,040 to ₹1,33,200 per 10 gram in Delhi on Monday, December 1, amid strong global trends and a weak US dollar, according to the All India Sarafa Association. Gold of 99.5% purity jumped to ₹1,32,600 per 10 gram. 

The precious metal is now hovering close to its lifetime high of ₹1,34,800 per 10 gram (99.9% purity) hit near Diwali.

As per market analysts, sustained jewellery demand amid the ongoing wedding season supported the precious metal.

Meanwhile, silver continued its upward trajectory for the fifth consecutive session, rising by ₹5,800 to ₹1,77,000 per kg. 

International markets

In the international market, spot gold advanced 1%, or $42.29, to $4,261.52 per ounce, as the dollar index was quoting 0.19% lower at 99.27, boosting bullion prices. 

Rising for the sixth consecutive session, spot silver gained 2% to hit a lifetime high of $57.85 per ounce in the global markets. Over the past week, the white metal has advanced 15.7% and has doubled so far in 2025, rising 100% from $28.97 per ounce on December 31, 2024.

"Silver's price has nearly doubled in just 11 months and risen more than gold, even though gold was the most popular commodity in 2025. Over the past 12 months, silver has climbed significantly higher than gold, rising 100% in 2025, whereas gold has only increased by 60%," a PTI report quoted Renisha Chainani, Head - Research at Augmont, as saying.

She added that the economy is anticipated to continue slowing down until 2026, and that the Federal Reserve is expected to cut interest rates. This is attracting some investors back, she stated. 

With growing supply concerns and rising expectations of additional rate cuts by the US Fed, silver continued to rise, approaching a record $58, Chainani explained, adding that due to a short squeeze, silver's increase this year surprised a lot of investors.

"The 2025 silver bubble, in contrast to previous investment waves, was dependent on a combination of low supply, high Indian demand, industrial demand, and tariffs," she said.