The price of gold in Chennai was the highest at Rs 1,23,780 per 10 gm. (Photo: Envato) Show Quick Read Summary is AI Generated. Newsroom Reviewed

Gold prices in India rose to Rs 1,23,650 on Thursday, as traders indulged in value buying after the release of US Federal Reserve's meeting minutes.

The metal fell after its Wednesday's session ended 0.3% higher, trading around $4,109 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. "

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