Gold Prices Steady Ahead of US Inflation Data; Silver Outperforms

On December 18, 2025, Gold prices were largely range-bound supported by dovish cues from the US Federal Reserve, even as a stronger dollar limited upside ahead of crucial US inflation data. On the other hand, silver prices continued to outperform, hovering near record highs amid robust industrial demand, tightening supply conditions and sustained investor interest.

Global Market Snapshot: Gold and Silver Prices

In overseas markets, spot gold edged down 0.1% to $4,334.70 per ounce in early trade, following a gain of over 1% in the previous session. US gold futures slipped 0.2% to $4,365.40 per ounce. The dollar index remained firm after touching a near one-week high, curbing gains in dollar-denominated precious metals.

Silver extended its strong run. Spot prices rose 0.3% to $66.48 per ounce, after touching a record high of $66.88 per ounce in the prior session. The white metal has surged about 130% so far this year, significantly outperforming gold, which is up roughly 65%.

In the Indian market, gold prices were steady at ₹13,484 per gram for 24-carat gold, ₹12,360 for 22-carat, and ₹10,113 for 18-carat gold. Silver traded at ₹211 per gram, or ₹2,11,000 per kilogram, reflecting continued strength in global prices.

Rates, Inflation Data in Focus

Markets continue to price in a supportive interest-rate backdrop for precious metals. The US Federal Reserve last week delivered its third 25-basis-point rate cut of the year, with traders now anticipating two additional cuts in 2026, despite the Fed’s dot plot indicating a more cautious path.

Recent US economic data has strengthened that narrative. The unemployment rate rose to 4.6% in November, its highest level since September 2021, while payroll growth, retail sales and housing indicators fell short of expectations.

Geopolitics and Safe-Haven Demand

Geopolitical developments have also underpinned bullion prices. Heightened tensions surrounding US sanctions on Venezuela, along with broader global uncertainties, have sustained safe-haven demand for precious metals.

Strong industrial demand, particularly from energy transition technologies and manufacturing, continues to provide structural support to silver prices.

Also Read: Dubai Gold Rate: What Is the Price of 22K and 24K Gold in Dubai Today, December 18, 2025?

Volatile Outlook

As per market experts, gold is expected to remain well-supported by global risk sentiment, central bank signals and currency movements, with buying interest emerging on price dips. Silver may see higher volatility given the pace of its rally, but underlying fundamentals remain favourable.

Overall, bullion markets are entering a data-intensive phase, with upcoming inflation readings and central bank guidance likely to determine whether the current momentum in gold and silver can be sustained in the weeks ahead.

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