After a 16 percent rally in the last quarter, gold prices are likely to fall further 3.5 percent from the crest as investors look for year-end profit making, as per a recent poll of banks and brokerages.
The most-active gold delivery on the Multi Commodity Exchange (MCX) hit a high figure of Rs 29,212 per 10 grams on Tuesday.
On Friday morning, the figure came down from that point to touch 28,440 mark.
The World Council said that the imports of the yellow-metal has dropped by a significant 20 per cent in the July-Sept to 200 tonnes.The demand for the metal during the ongoing wedding season has also been slow.
The minimum target for gold was Rs 25,000 in the December quarter, poll said.
However, the poll said that gold would recover and touch a figure of Rs. 28,870 by the end of the first quarter of 2012. The yellow metal could reach a significant Rs. 29,375 mark in June quarter.