Gold prices are expected to touch new highs in the next few months. Domestically, it is likely to trade in the range of Rs 61,000-62,000 per 10 gm. Internationally, it may scale levels of $2,050-2100 per ounce, said Colin Shah, MD at Kama Jewelry. Shah's comment come on the backdrop of recent surge in gold prices. The yellow metal has risen almost 7-8 percent in the past month.

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"The rally in the yellow metal is primarily due to the banking crisis in the west. The liquidity infused by the central banks and the expectations of lower to no rate hikes is pushing gold prices up. Gold is a safe haven, historically it has gained in periods of uncertainty. Gold prices hitting a fresh high is a sign of slower economic growth and lower interest rates with ample liquidity to help the system steer of the current situation," Shah said.

A weaker US dollar index, firmer crude oil prices and a dip in US Treasury yields generally provide support to the precious metals. The market is now gearing up for this week's Federal Reserve monetary policy meeting where investors are predicting a 25-basis-point hike in the interest rate.

Shah added that the current situation globally may take some time to clear out.

"Globally, central banks have been adding gold reserves. The onset of the festive season in India starting from Gudi Padva will support demand at the retail level," he said.

Jaydeep Banerjee, Co-Founder, Dvara SmartGold Pvt. Ltd is also extremely bullish on precious metals led by gold in the near future.

"In line with this emotion we have seen gold making new highs valued in major foreign currencies and supports for the next 2 weeks should be at $1915 per ounce (Approximately Rs 6,100 per gram) and then around $1880 per ounce (Rs 5,850 per gram) and this pattern should hold as the metal moves up into the $ 2060/80 per ounce (Rs 6,400 per gram) by early April in a swing sequence of sideways to up. Another strong indicator by the way of the central banks continuing to acquire the metal," he told CNBC-TV18.com.

Meanwhile, gold price plunged by Rs 470 to Rs 59,480 per 10 grams in the national capital on Tuesday. Spot gold prices in the Delhi markets traded at Rs 59,480 per 10 grams, down Rs 470 per 10 grams. In the overseas market, gold and were trading lower at $ 1,967 per ounce, according to news agency PTI.

Comex gold prices traded lower in Asian trading hours on Tuesday.