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Gold prices will go up further if the US Federal Reserve hike the interest rates by 25 basis points (bps) or lower along with "non-visible" or "hawkish" speech, a research analyst said.

"Any hike in line with 25 basis point or lower along with non visible or hawkish speech will be strongly positive for Gold and levels of 2040-2050 in Comex and 61500 odd will be seen in coming days," said Jateen Trivedi, VP, Research at LKP Securities.

On the flip side, any higher hike than 25 bps with "hawkish" speech shall bring Comex Gold back to $1,940-odd levels and Rs 57,000 in MCX which shall again act as buying bets, he added.

Trivedi said the yellow metal have been given strong returns since 2019.

Prices were at Rs 31,000/10 grams and have now touched Rs 60,000 giving nearly 100 per cent returns in the last four years.

He said the gold prices has also been surpassing major volatile events like trade war since 2019, Covid-19, and the Russia-Ukraine war.

This year, Gudi Padwa is being celebrated even as gold prices are headed for historic highs in the Indian markets, said Somasundaram PR, Regional CEO, India at World Gold Council.

"As economic growth influences demand significantly and this gets reflected in gold purchases on such auspicious days, demand is poised for good growth in 2023," he said.

"Price pressures could keep rural demand subdued. Urban buying and digital gold accumulations which permit flexible low-ticket sizes could be emerging stories during this festive season," Somasundaram added.