The gold prices are fluctuating between Rs 32,500 and 34,000 based on US currency and the demand for the yellow metal could go up by 15 percent year-on-year, said Surendra Mehta, secretary, India Bullion and Jewellers Association (IBJA).

Interestingly, China slowly has started dictating gold prices with last week Chinese celebrating their New Year and prices could have gone up because of that and also upcoming Valentine’s Day, he said.