Mega Rally In Gold Prices In India As Markets Bet On A Dovish Fed Chair In 2026, Spot Gold Blasts Past $2,260

On Friday, December 12, gold prices in India saw an immense rise owing to rising speculation that the US President will name a dovish Fed head in early 2026. In the global arena, spot gold surpassed $2,260 per ounce as a dovish-leaning Fed announced $40 billion in T-bill purchases and cut rates by 25 basis points, lowering yields and strengthening precious metals.

Geopolitical worries in Venezuela, the Middle East, and Ukraine also contributed to today's massive gold price surge. Last but not least, worries that the Fed would adopt a more lenient monetary policy since President Trump planned to name a dovish Fed Chair bolstered precious metals.

Gold Rates In India Today

Today, the price of gold in India jumped to Rs 9,949 per gram for 18 carat gold, Rs 12,160 per gram for 22 carat gold, and Rs 13,266 per gram for 24 carat gold. The price of gold in India went up by Rs 1,910 to Rs 1,32,660 on Friday for 24k of 10 gms, from Rs 1,30,750 yesterday. As a consequence, the price of 24k of 100 grams of gold jumped by Rs 19,100 today to Rs 13,26,600, from Rs 13,07,500 yesterday.

Gold rates in India today for 22k of 10 grams reached Rs 1,21,600, which was Rs 1,19,850, representing a price jump of Rs 1,750. Hence, 22k of 100 grams of gold in India on Friday became costlier by Rs 17,500 to price at Rs 12,16,000, which was Rs 11,98,500 on Thursday.

In India, the price of 18k of 10 grams of gold shot up by Rs 1,430 to Rs 99,490 today from Rs 98,060 yesterday. Similarly, the price of 18k of 100 grams of gold surged by Rs 14,300 on Friday to Rs 9,94,900 from Rs 9,80,600 on Thursday.

Silver today costs Rs 204 per gram and Rs 2,04,000 per kilogram in India, compared to Rs 201 and Rs 2,01,000 yesterday.

MCX Gold Outlook Today

"On the technical front, MCX gold has seen a strong breakout from the cupand-handle basing pattern with a bullish candlestick and high volumes, registering a new all-time high in yesterday's session. We expect the yellow metal to trend higher from current levels, as the trend is bullish and momentum remains strong. Immediate support is placed at 130119, while resistance is seen at 137400- 140000. Traders can buy MCX gold for a target of 137400-140000, with any sustained weakness below 130119 acting as a stop-loss," commented Abhishek M Pelu - Research Analyst at Way2Wealth Brokers.

"MCX Gold Feb is expected to rise towards Rs 133,000 level as long as it stays above Rs 131,000 level. A move above Rs 133,000, it would rise towards Rs 134,500," recommended the research analysts of ICICI Securities.

Spot Gold Prediction Today

"Spot Gold is likely to trade higher amid weakness in the US dollar and safe haven buying. Prices would get support on growing bets that the US President would appoint a dovish Fed chair in early 2026, which could turn out to be negative for the dollar and support the bullions to hold its gains," commented the research analysts of ICICI Securities.

"Further, concerns over US labor market and growing expectation of more rate cuts in the coming year will also boost the yellow metal to make new highs. As per the CME Fed-watch tool January rate cut has gone up to 24.4% from 20.6% a day ago. Furthermore, strong central bank buying and investment inflows would again strengthen the bullions," they further added.

MCX Silver Outlook Today

"MCX Silver March is expected to rise towards Rs 199,500- Rs 200,000 zone as long as it stays above Rs 194,500 level. A move above Rs 200,000, would open the doors towards Rs 202,500," ICICI Securities said in a note.

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