Gold Price Falls Near Rs 1,24,000 Levels — Check Rates In Delhi, Mumbai And Other Cities

Gold prices in India fell to Rs 1,23,920 on Monday, holding steady after two days of losses.

The metal held gains after it ended Friday's session 2% lower, trading around $4,100 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.

"Gold's bull run is driven by central bank buying, and as long as they continue, we believe gold prices will remain supportive," said Nilesh Shah, Managing Director of Kotak AMC while speaking to NDTV Profit.

This buying trend, he says, is likely to continue as the US dollar weakens, uncertainty around US policy grows, and after recent geopolitical shocks taught governments that overseas securities can be frozen, whereas physical gold held domestically remains secure.

In New Delhi, the price stood at Rs 1,23,480, per 10 gm, and in Mumbai, it stood at Rs 1,23,700 on Monday.

In Bengaluru, the rate stood at Rs 1,23,800, while in Kolkata, it was Rs 1,23,530 per 10 gm. The price of the precious commodity in Chennai was the highest at Rs 1,24,060 per 10 gm.

The Dec. 25 futures fell to Rs 1,23,400 according to the Multi-Commodity Exchange. The spot prices of the yellow metal was $4,090.50 on Monday, according to Bloomberg.

The precious metal's price was trading at Rs 1,56,190 per kilogram on Nov. 17, according to the India Bullion Association.

Dec. 25 futures for silver were trading lower at Rs 1,55,530, according to the Multi-Commodity Exchange.