Gold Price Falls Near Rs 1,23,500 Levels — Check Rates In Delhi, Mumbai And Other Cities

Gold prices in India fell to Rs 1,23,430 on Tuesday, extending decline for the third session.

The metal extended decline after it ended Tuesday's session 4% lower, trading around $4,034 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 earlier this month.

In New Delhi, the price stood at Rs 1,22,990, per 10 gm, and in Mumbai, it stood at Rs 1,23,210 on Tuesday.

In Bengaluru, the rate stood at Rs 1,23,300, while in Kolkata, it was Rs 1,23,040 per 10 gm. The price of the precious commodity in Chennai was the highest at Rs 1,23,570 per 10 gm.

The Dec. 25 futures fell to Rs 1,22,900 according to the Multi-Commodity Exchange. The spot prices of the yellow metal was $4,018.80 on Tuesday, according to Bloomberg.

The precious metal's price was trading at Rs 1,56,120 per kilogram on Nov. 18, according to the India Bullion Association.

Dec. 25 futures for silver were trading lower at Rs 1,55,450, according to the Multi-Commodity Exchange.