Major jewellery manufacturers and retailers such as Geetanjali Gems Ltd and P P Jewellers and some analysts see the much possibility of gold prices touching Rs 16,000 per 10 gram by April, this year.

"Currently, gold prices are extremely volatile. Within a week or so, prices would hover in the horizon of Rs 15,000 per 10 gram level. It may not be a surprise to see gold prices at Rs 16,000 per ten gram in the next three months," the Chairman of Gitanjali Group, Mehul Choksi, said.

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Uncertainty in the global financial market and the rupee movement will be key drivers for gold prices, he said, adding that currently, there has not been a significant fall in demand in his stores due to price rise.

A similar projection was made by Chandni Chowk Jewellers Association, which sees a bullish price trend up to Rs 16,000 per 10 gram in the coming months.