Gold Price Advances To Rs 1,21,090 Levels — Check Rates In Delhi, Mumbai And Other Cities

Gold prices in India stood at Rs 121,090 on Friday. Gold held steady as traders assessed remarks from Federal Reserve officials alongside data revealing a sharp slowdown in the US labor market, heightening expectations for lower interest rates.

The metal was little changed, trading just above $4,000 an ounce. Gold remains on course for its strongest annual gain since 1979, having reached a series of record highs before retreating last month. US rate cuts have underpinned prices, which have also been buoyed by inflows into bullion-backed exchange-traded funds and sustained central bank buying.

Economists at Macquarie Group expect prices to decline over the next year following a 50% year-to-date surge. "With global growth beginning to recover, central bank easing cycles nearing completion, real interest rates still relatively high, and tensions between the US and China easing (for now), we believe the near-term peak has been reached," strategists including chief economist Ric Deverell wrote in a note Thursday.

In New Delhi, the price stood at Rs 1,20,660, per 10 gm, and in Mumbai, it stood at Rs 1,20,870 on Friday.

In Bengaluru, the rate stood at Rs 1,20,960, while in Kolkata, it was Rs 1,20,710 per 10 gm. The price of the precious commodity in Chennai was the highest at Rs 121,220 per 10 gm.

The Dec. 25 futures stood at Rs 1,20,613 according to the Multi-Commodity Exchange. The spot prices of the yellow metal was $4,001 on Friday, according to Bloomberg.

The precious metal's price was trading at Rs 1,47,810 per kilogram on Nov. 6, according to the India Bullion Association.

Dec. 25 futures for silver were trading lower at Rs 1,47,069, according to the Multi-Commodity Exchange.