Gold rate extended its record-breaking run during Wednesday’s session, December 24, registering yet another historic high and marking the third consecutive day of fresh record levels. Renewed geopolitical tensions, particularly between the US and Venezuela, boosted demand for safe-haven assets.
A weakening US dollar, amid growing expectations of further monetary easing by the Federal Reserve next year, has also made precious metals less expensive for holders of other currencies.
The February futures contract on MCX advanced 322 per 10 grams to a fresh peak of 1,38,676, taking the month-to-date rally to 8% and the year-to-date gain to 80%. Meanwhile, silver futures for March rose ₹2,24,430″>4,777 per kilo to new high of 2,24,430, edging closer to 2.25 lakh per kilo. Both metals are on track for their best annual gains since 1979.
Platinum also made significant strides in 2025, with spot platinum surging past $2,300 per ounce to a record high of $2,378, a 3.4% jump from the previous close.
Prices were supported by tight supply conditions, rising investment demand, and a rotation from gold, helping platinum gain twice as much as gold in 2025. Platinum has already jumped 162% this year, marking the largest annual advance since at least 1987.
Palladium prices rallied another 4% to a three-year high of $2,022, taking year-to-date gains to 121%.
In Europe, the European Commission earlier this month published plans to abandon an effective 2035 ban on combustion-engine cars, boosting demand for both platinum and palladium. Both metals are used in automotive catalytic converters, which help reduce harmful emissions.
On the supply side, disruptions in the world’s largest Platinum producer, South Africa, contributed to a third consecutive annual deficit.
Gold and Silver: Short-term technical outlook
Rahul Kalantri, VP Commodities at Mehta Equities, noted that safe-haven demand remained supportive during the holiday-shortened week amid elevated geopolitical tensions, particularly between the US and Venezuela. Expectations around the US President’s plan to replace the Fed Chair in January also supported both precious metals.
Gold has support at 1,36,550–1,35,710 and resistance at 1,38,650–1,39,470. Silver has support at 2,18,150–2,16,780 and resistance at 2,21,810–2,22,970.
Ponmudi R, CEO of Enrich Money, said a clean breakout above 1,38,500 could accelerate gold towards 1,40,000–1,45,000, while immediate support is seen at 1,36,000–1,35,000. For silver, he added, “Strong demand zones are visible in the 2,15,000–2,17,000 band. A convincing breakout above 2,23,000 could trigger the next leg of the rally towards 2,25,000–2,29,000, opening the door for fresh record highs.”
Disclaimer, This story is for educational purposes only. The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
