Gold is going up by the weakening of the dollar against most world currencies, as well as the uncertainty associated with the debt problems of the eurozone.

At the same time, experts say that demand for the metal may be reduced by such a major global importer of gold as India, where the prices on the local currency approached a record high, especially after the devaluation of the rupee against the dollar over the past few months.

Increase in gold prices last week caused an increase in scrap gold sales in India and other Asian countries. The decline in stock markets and high interest rates drove investors to sell gold in India, said the president of the Bombay Association Gold Pritviradzh Kothari.

Today, June gold futures on the COMEX rose to 1639.0 USD/Oz (1.2%).