Gold, Silver Prices Drop Today: Check Rates on December 31 Amid Profit-Booking

• Gold and silver prices fell on December 31 after continuous upward momentum, attributed to profit-booking.
• In Mumbai, 24K gold was Rs 1,35,880/10g, 22K at Rs 1,24,550/10g; silver at Rs 2,40,000/kg in the spot market.
• MCX gold and silver futures also traded lower for February 2026 and March 2026 contracts, respectively.
• High prices are leading Indian consumers to prefer gold coins/bars over jewelry to avoid making charges.
• Global gold prices surged 67% this year due to safe-haven demand, US interest rate cuts, and a weaker dollar.

Why It Matters: Gold and silver prices dropped on December 31, influencing consumer shift towards coins over jewelry.