(REUTERS) -- India gold prices are likely to fall more than 3.5 percent from its peak after a 16 percent rally last quarter as investors resort to year-end profit-taking while tepid wedding demand weighed, a Reuters poll of banks and brokerages found.

The most-active gold for December delivery on the Multi Commodity Exchange (MCX) struck a peak of 29,212 rupees per 10 grams on Tuesday, from where it has slipped to be at 28,440 on Friday morning.

Gold could test 27,500 rupees per 10 grams by December end, according to a median of Reuters poll of 10 participants, which included State Bank of India and Scotia Mocatta, the country's biggest importer of bullion.

India's imports fell 20 percent in the July-September to just 200 tonnes, the World Gold Council said, and the demand so far in the peak wedding season has been lacklustre.

According to the poll, the minimum target for the yellow metal was 25,000 rupees in the December quarter.

Gold prices India State Bank of India India