Gold prices are all set to touch Rs 19,500-20,000 per 10 grams by Diwali due to rising investor interest, a top industry official said.
"We expect gold prices to cross Rs 19,500-Rs 20,000 per 10 grams by Diwali this year after some correction in prices," Bombay Bullion Associations (BBA) President Suresh Hundia told PTI in Mumbai.
Standard gold (99.5 purity) closed at Rs 18,910 and pure gold (99.9 purity) at Rs 19,000 per 10 grams in the Mumbai bullion market last week.
In New York, gold for December delivery is hovering at USD 1,237.90 an ounce on the Comex division of the NYMEX.
Gold may reach at least USD 1,350 an ounce this year as investors seek a shield against financial turmoil, weak currencies and inflation, analysts said.