Gold prices could see another sharp rise over the next few months, according to Chetan Mehta, Chairman and Managing Director of Laxmi Diamonds.

Speaking about recent volatility and the return to the $4,200 per ounce mark, he said global buying by central banks and investors is likely to continue. “I was always thinking that gold price will go up,” he said, adding that prices have already risen 10-15% since Diwali and may see “10-20% more” in the next two to three months.

Mehta said buying for investment has been stronger than jewellery purchases this year. However, he expects the wedding season to lift jewellery sales again. He said Diwali sales were strong, followed by 10-15 days of slower demand, but momentum has picked up.

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