If you've been keeping an eye on the precious metals market, you've probably noticed some serious action lately. On Tuesday, November 25, gold prices shot up for the third straight session, and the buzz is all about one thing: the US Federal Reserve. A growing sense of optimism that the Fed will cut interest rates next month has sent traders flocking to gold, pushing its value higher in both domestic and international markets.
Key Highlights
- ✓ Gold prices jumped on expectations of a US Federal Reserve rate cut in December.
- ✓ MCX Gold December futures climbed 0.85% to hit ₹1,24,907 per 10 grams.
- ✓ Silver also saw a significant surge, with MCX contracts jumping 1.33% to ₹1,56,543 per kg.
- ✓ In the long term, gold has seen a staggering 1,500% price increase over the last 20 years.
- ✓ Prices saw an uptick across major Indian cities, with detailed rates for Mumbai, Delhi, and more.
The Big Story: Why Gold Is Gaining Momentum
So, what’s really lighting a fire under gold prices? It all comes down to signals from across the globe. Dovish comments from US officials have ramped up expectations for an easier monetary policy, and traders are placing their bets accordingly. When there's talk of a rate cut, investors often turn to gold as a safe-haven asset, and that’s exactly what we're seeing play out right now.
The numbers from Tuesday evening tell the story loud and clear. Over at the Multi Commodity Exchange (MCX), the Gold December futures saw a healthy climb of 0.85%, landing at ₹1,24,907 per 10 grams around 9:08 pm. Silver wasn't left behind either; the MCX Silver December contracts surged an impressive 1.33% to settle at ₹1,56,543 per kilogram. This shows strong confidence in the market for both precious metals.
According to data from India Bullions, the spot prices reflected this positive trend. A 10-gram bar of 24-carat gold was quoted at ₹1,25,480, while 22-carat gold stood at ₹1,15,023. Fine silver was also trading strong at ₹1,57,130 per kg. It’s a clear signal that the market is reacting very positively to the hints of a Fed rate cut.
Zooming Out: Gold's Incredible Two-Decade Climb
While the day-to-day movements are exciting, the long-term picture for gold is nothing short of breathtaking. If you zoom out and look at the last twenty years, the yellow metal has delivered a truly phenomenal performance. We're talking about a price surge of around 1,500%, climbing from just ₹7,638 back in 2005 to over ₹1,25,000 as of September 2025.
What’s even more impressive is the consistency. Over those two decades, gold recorded positive returns in 16 of the 20 years. That’s a track record that speaks volumes about its reliability as an asset. And this year has been no exception to the trend. On a year-to-date (YTD) basis, gold prices have already gained a whopping 56%, showing that the momentum is still incredibly strong.
A Closer Look: Gold and Silver Rates Across Major Cities
Of course, the price you see on the ticker isn't always what you pay at the counter. It's important to remember that retail prices are likely to be a bit higher. Jewellers typically add making charges, taxes, and GST to the final bill. With that in mind, let’s dive into the rates across some of India's major cities as of November 25.
Prices in Mumbai
In the financial capital, Mumbai, 24-carat gold was priced at ₹1,25,470 per 10 grams, while 22-carat gold was at ₹1,15,014. The MCX Gold rate was slightly different at ₹1,25,090 per 10 grams. For silver enthusiasts, the silver bullion rate stood at ₹1,57,040 per kg.
Prices in Delhi
Heading north to Delhi, the price for 24-carat gold was a little lower at ₹1,25,290 per 10 grams, with the 22-carat variety at ₹1,14,849. The silver bullion rate in the capital was ₹1,56,840 per kg, showing slight variations from Mumbai.
Prices in Kolkata
Over in Kolkata, the rates were quite competitive. 24-carat gold was quoted at ₹1,25,340 per 10 grams, and 22-carat gold was ₹1,14,895. The silver bullion rate was ₹1,56,900 per kg, placing it right between Delhi and Mumbai's rates.
Prices in Ahmedabad
In Ahmedabad, the 24-carat gold price was noticeably different at ₹1,22,580 per 10 grams, while the 22-carat rate was ₹1,15,188. Interestingly, the silver bullion rate here was among the highest, at ₹1,57,260 per kg.
Prices in Bengaluru
The tech hub of Bengaluru saw 24-carat gold prices at ₹1,25,590 per 10 grams, with 22-carat gold at ₹1,15,124. The silver bullion rate here was ₹1,51,870 per kg, which was lower compared to many other major cities on this list.
Prices in Hyderabad
In Hyderabad, prices for 24-carat gold were strong at ₹1,25,610 per 10 grams, and 22-carat was at ₹1,15,143. The silver bullion was also trading high at ₹1,57,100 per kg, reflecting solid demand in the region.
Prices in Chennai
Finally, in Chennai, gold prices were the highest among these cities. 24-carat gold reached ₹1,25,790 per 10 grams, while 22-carat was priced at ₹1,15,308. Silver also commanded a premium price here, with the bullion rate hitting ₹1,57,470 per kg.
Conclusion
The bottom line is that the gold and silver markets are currently fueled by a powerful wave of optimism. The prospect of a US Federal Reserve rate cut has investors excited, leading to a significant surge in prices. This recent rally is part of a much larger story of gold's incredible long-term growth, with a 1,500% increase over two decades and a strong 56% gain just this year. As we've seen, this translates to higher prices across India's major cities, reflecting a dynamic and exciting time for precious metals.
