Gold prices in India have experienced a sharp correction from record highs set earlier this week, declining by Rs 1,200 per 10 grams and Rs 12,000 per 100 grams from their December 15 peak. The pullback comes after prices touched all-time highs, with 24-carat gold retreating from Rs 1,35,380 to Rs 1,34,180 per 10 grams. Similarly, 100 grams of 24-carat gold has dropped from Rs 13,53,800 to Rs 13,41,700. Despite the correction, gold remains up 3% for December overall.

Current pricing across different purities shows 22-carat gold at Rs 1,23,000 per 10 grams and 18-carat gold at Rs 1,00,630 per 10 grams. For larger purchases, 100 grams of 22-carat gold is priced at Rs 12,29,000, while 18-carat gold costs Rs 10,06,300 per 100 grams. The market saw particularly sharp declines on December 19, with prices dropping by up to Rs 660 per 10 grams.

Silver has outperformed gold significantly in December, surging over 11% during the month. Current silver rates stand at Rs 2,09,000 per kilogram, which represents a Rs 2,000 decline from the historic high of Rs 2,11,000 reached on December 18. For smaller quantities, 100 grams of silver is priced at Rs 20,900 and 10 grams at Rs 2,090.

On the MCX futures market, gold with February 2026 expiry closed at Rs 1,34,206 per 10 grams on December 19, registering a marginal gain of 0.01%. Silver futures with the same expiry date dropped 0.08% to close at Rs 2,08,699 per kilogram. Market analysts note that gold traded in a narrow range near $4,330 on Comex globally, while domestic prices faced pressure from rupee strength, which offset international bullion firmness.

Looking ahead to the Christmas week, analysts project gold will remain volatile within a range of Rs 1,31,500 to Rs 1,34,000, suggesting prices may consolidate rather than reach new record highs. Market experts attribute the current price stability to safe-haven demand and volatile global markets, with strong buyer confidence despite elevated levels. However, some consolidation around recent gains is expected.

Silver’s outlook remains positive after decisively breaking above the Rs 2 lakh mark, which demonstrates the strength of the current rally. While profit-taking may occur at these elevated levels, market sentiment continues to support prices. Analysts expect some volatility as markets adjust to the breakout, though the overall trajectory remains constructive. The holiday-shortened trading week coincides with wedding season, which typically drives higher demand for gold and silver jewelry across India.