Gold Rates In India Outlook Before Christmas: Will Santa Claus Lead New Record In 24K, 22K, 18K Gold Prices?

Gold rates in India pulled back mildly from their new record highs this week. On December 18, 10 grams gold is currently around Rs 1,34,840 in 24 carat, which is away from its all-time high of Rs 1,35,380 that touched on December 15. In the near term, gold prices are expected to range of Rs 1,31,000 to Rs 1,36,000. Whether gold crosses Rs 1.36 lakh mark before Christmas will be keenly watched!

Gold Rates In India:

10 grams gold price stood at Rs 1,34,840 on December 18, up by Rs 330 in 24 carat. Meanwhile, gold price surged by Rs 300 to Rs 1,23,600 in 22 carat, and was higher by 250 to Rs 1,01,130 in 18 carat.

Silver Rates In India:

Silver strikes a new peak on December 18, and continued to outperform gold. 1Kg silver rate soared by Rs 3,000 to Rs 2,11,000. The prices of 100 grams and 10 grams silver stood at Rs 21,100 and Rs 2,110.

What Is Impacting Gold & Silver Prices On December 18?

According to Rahul Kalantri, VP Commodities, Mehta Equities, gold prices edged higher, while silver surged sharply to register a fresh all-time high on Wednesday. Safe-haven buying and strong technical momentum supported both metals during mid-week trade. Bullion prices strengthened after weaker U.S. ADP employment data raised expectations of additional Federal Reserve rate cuts. Ongoing geopolitical tensions between the U.S. and Venezuela, along with solid investment and industrial demand, continue to underpin gold and silver prices.

Gold & Silver Prices Outlook:

In Kalantri's view, silver may extend its rally and could test the $70 per troy ounce level in the coming weeks. Market participants are now closely watching the Bank of Japan's policy meeting for further direction.

He believes gold has support at $4275-4245 while resistance at $4355-4385. Silver has support at $65.40-64.75 while resistance is at $66.90-67.75. In INR gold has support at Rs1,33,850-1,33,110 while resistance at Rs1,35,350-1,35,970. Silver has support at Rs2,05,650-2,03,280 while resistance at Rs2,08,810, 2,10,270.

Meanwhile, Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities believes the with a data-heavy week ahead in the U.S., including key inflation and labour market indicators - gold is expected to remain highly volatile, with a broad trading range seen between Rs 1,31,000 and Rs 1,36,000 in the near term.

Accordingly, a new historic performance is possible in gold before Christmas. If gold goes beyond Rs 1.36 lakh, it will be one-great Santa rally.

MCX Gold Price + MCX Silver Price

Unlike gold and silver rates at retail stores in India, on MCX, precious metals crashed.

MCX gold price with February 2026 expiry, dropped by Rs 323 or 0.24% to Rs 1,34,571 per 10 grams, which is near its intraday low of Rs 1,34,770 per 10 grams.

Further, MCX silver with February 2026 expiry, plunged by Rs 985 or 0.5% to trade at Rs 2,06,905 per 1Kg, after touching day's low of Rs 2,07,661 per 1Kg.

Here is where gold and silver headed at MCX and global market, as per Ponmudi R, CEO of Enrich Money:

1. MCX Gold Outlook

MCX Gold Futures have recently posted fresh lifetime highs but have faced resistance over the last few sessions. A sustained breakout above ₹1,35,500, supported by firmness in USD/INR, would reinforce bullish momentum and open the next expansion zone toward ₹1,36,000-₹1,38,000. The broader bullish structure remains intact as long as prices hold above the ₹1,33,000-₹1,32,600 support zone.

2. COMEX Gold Outlook:

COMEX Gold Futures continue to face stiff resistance near the lifetime high zone of $4,385-$4,400. Prices are currently trading around $4,365, marking yet another attempt to reclaim this crucial resistance area. A decisive breakout and sustained close above $4,400 would confirm a fresh higher-high formation and could open the path toward $4,450-$4,500. Until such a breakout materialises, COMEX Gold is likely to remain in a consolidation phase within the $4,330-$4,385 range.

3. MCX Silver Outlook

MCX Silver future remains in a strong bullish continuation phase after sustaining above the ₹2,07,000 breakout level with healthy volumes and constructive price action. Holding above this zone keeps near-term upside targets of ₹2,10,000-₹2,13,000 active. Immediate support is placed near ₹2,00,000, with deeper support around ₹1,91,000. Overall, the trend remains decisively positive, and any corrective dips are likely to attract buying interest rather than signal a reversal.

4. Comex Silver Outlook

COMEX Silver Futures continue to exhibit strong bullish momentum, consistently printing fresh higher highs. Prices have recently touched lifetime highs near $67.18, confirming trend continuation. While some near-term volatility is natural after such a sharp move, the broader structure points toward a potential extension toward $68-$70-$75, supported by strong industrial demand and tight supply dynamics. Silver is currently stabilising in the $65.10-$64.10 zone, indicating consolidation within strength rather than exhaustion. As long as prices hold above $63, the primary uptrend remains firmly intact.

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