Gold Price Rises To Rs 1,24,790 Levels — Check Rates In Delhi, Mumbai And Other Cities

Gold prices in India rose to Rs 1,24,790 on Monday, as investors weighed the chances of another Federal Reserve rate cut in December.

The metal rose after its Friday's session ended 0.2% lower, trading around $4,070 an ounce. Despite from the pull back from record high last month 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 1,24,350, per 10 gm, and in Mumbai, it stood at Rs 1,24,560 on Monday.

In Bengaluru, the rate stood at Rs 1,24,660, while in Kolkata, it was Rs 1,24,400 per 10 gm. The price of the precious commodity in Chennai was the highest at Rs 1,24,930 per 10 gm.

The Dec. 25 futures rose to Rs 1,24,195 according to the Multi-Commodity Exchange. The spot prices of the yellow metal was $4,042 on Monday, according to Bloomberg.

The precious metal's price was trading at Rs 1,54,790 per kilogram on Nov. 24, according to the India Bullion Association. This comes after the white metal for December delivery climbed by Rs 2,556, or 1.8%, to Rs 1,57,433 per kilogram last week.

Dec. 25 futures for silver were trading lower at Rs 1,54,052, according to the Multi-Commodity Exchange.