Gold Price Declines Near Rs 1,24,400 Levels — Check Rates In Delhi, Mumbai And Other Cities

Gold prices in India declined to Rs 1,24,380 on Wednesday, consolidating after the three days rise.

The metal held gains after it saw its biggest daily jump since May in the previous session, trading around $4,140 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 1,23,940, per 10 gm, and in Mumbai, it stood at Rs 1,24,15 on Wednesday.

In Bengaluru, the rate stood at Rs 1,24,250, while in Kolkata, it was Rs 1,23,990 per 10 gm. The price of the precious commodity in Chennai was the highest at Rs 1,24,520 per 10 gm.

The Dec. 25 futures fell to Rs 1,23,905 according to the Multi-Commodity Exchange. The spot prices of the yellow metal was $4,140.10 on Tuesday, according to Bloomberg.

The precious metal's price was trading higher at Rs 1,55,380 per kilogram on Nov. 12, according to the India Bullion Association.

Dec. 25 futures for silver were trading higher at Rs 1,54,789, according to the Multi-Commodity Exchange.