Gold Prices Steady, Silver Hits Fresh Record — Check Rates In Delhi, Mumbai And Other Cities

Amid rising expectations for an interest rate cut in the US, Gold prices in India rose to Rs 1,29,650 on Monday while silver in the spot market hit record high.

However, spot gold fell after its Friday's session ended 0.28% higher, trading around $4,267 an ounce. Despite 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 1,29,190, per 10 gm, and in Mumbai, it stood at Rs 1,29,410 on Monday.

In Bengaluru, the rate stood at Rs 1,29,510, while in Kolkata, it was Rs 1,29,240 per 10 gm. The price of the precious commodity in Chennai was the highest at Rs 1,29,790 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 hit a fresh record and was trading at Rs 1,75,010 per kilogram on Dec. 1, according to the India Bullion Association. The rise on Monday came after a trading outage on the Chicago Mercantile Exchange due a data-center fault adding to the ongoing supply shortage.

Dec. 25 futures for silver were trading lower at Rs 1,75,340, according to the Multi-Commodity Exchange, while Spot silver was up 1.54% at $58.05.