Gold Rates In India In Banger Rally, Silver Rate Up Too: Will 24K, 22K, 18K Gold Prices Hit New Peak On Dec-2?

Gold rates in India have continued to record an impressive rally in the past four days. On December 1st, 24-carat, 22-carat, and 18-carat gold prices neared their record high levels. The price of 100 grams of gold in 24 carats has skyrocketed by Rs 27,300, and the price of 10 grams of gold has surged by Rs 2,730 during these days. However, silver rates have outperformed gold since November. On Tuesday, gold rates in India are expected to continue their uptrend and even have the possibility to hit new all-time highs.

Gold Rates In India:

10 grams gold price stood at Rs 1,30,480 in 24 carat, at Rs 1,19,600 in 22 carat and Rs 97,860 in 18 carat.

Meanwhile, 100 grams gold rates are at Rs 13, 04,900 in 24 carat, at Rs 11,96,100 in 22 carat, and at Rs 97,870 in 18 carat.

Furthermore, 8 grams gold prices are at Rs 1,04,392 in 24 carat, at Rs 95,688 in 22 carat, and at Rs 78,296 in 18 carat.

The cheapest gold price is of Rs 13,049 per gram for 24 karat gold, Rs 11,961 per gram for 22 karat gold and at Rs 9,787 per gram for 18 karat gold (also called 999 gold).

Notably, 100 grams gold price in 24 carat has surged by Rs 6,600 on December 1st, followed by upside of Rs 13,600 on November 29, and upside of Rs 7,100 on November 28. The price was unchanged on November 30th.

Silver Rates In India:

1Kg silver price soared by Rs 3,000 to Rs 1,88,000 on December 1st, which is near its all-time high of Rs 1,90,000. Further, 100 grams and 10 grams silver prices on Monday soared by Rs 300 and Rs 30 to Rs 18,800 and Rs 1,880. The 8 grams silver is at Rs 1,504 on December 1st, up by Rs 24. While the cheapest silver is priced at Rs 188 per 1 gram.

Notably, silver prices have been rallying since November 25, with only subdued performance seen on Sunday. 1Kg silver was up by Rs 9,000 on November 29, up Rs 3,000 on November 28, higher by Rs 4,000 on November 27, by Rs 2,000 on November 26 and up by Rs 4,000 on November 25. The only time silver did not see any movement was on November 30, which was Sunday.

From November 25 to December 1st, silver price has skyrocketed by Rs 25,000 per 1KG.

MCX Gold Price + MCX Silver Price

MCX gold price with February 2026 expiry, ended at Rs 1,30,725 per 10 grams, up by Rs 73 or 0.06%. While MCX silver price with February 2026 expiry, closed at Rs 1,82,790 per 1KG, up by Rs 243 or 0.13% after hitting a new record high of Rs 1,83,547 per 1Kg.

Gold Prices Prediction:

As per Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities, gold traded strong with gains of ₹1,500 at ₹1,31,000, inching closer to the all-time high of ₹1,32,250 made before Diwali.

With Fed's rate-cut expectations strengthening and U.S. debt levels sitting near historic peaks, Trivedi said, "safe-haven demand has remained robust."

"The pace of recovery in gold continues to surprise on the upside, even as Russia-Ukraine peace hopes emerge - reflecting the strong positioning by global central banks and institutional buyers. Gold may continue to trade in a broader positive range between ₹1,28,000 and ₹1,34,000," Trivedi added.

Also, Kaynat Chainwala, AVP Commodity Research, Kotak Securities highlighted that cooling retail sales, a modest uptick in producer inflation, accelerating private-sector job losses, and U.S. consumer confidence falling to a seven-month low all reinforced the dovish tone already echoed by several Fed officials. The only positive surprise was initial jobless claims, which rose to 216k, below expectations and the lowest since April, suggesting continued labor-market resilience despite broader signs of cooling. This did not shift rate-cut expectations, with CME data showing markets pricing in nearly an 87% probability of a December cut.

"With the return of dovish rhetoric and reports that Kevin Hassett, who is widely viewed as favoring lower rates, is a leading candidate to replace Chair Powell, any additional softness in upcoming U.S. data could further cement expectations for easing, while stronger-than-expected figures may prompt a recalibration of rate-cut bets," Chainwala said.

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