Precious metal which was considered a safe heaven during times of uncertainity has lost its so called safety tag.

Analysts hope that gold prices would be upbeat with the advent of the wedding season.

This week gold continued its downward journey weighed by reports of a strengthening global economy, which may dampen monetary stimulus measures in the US.

Gold had a wide trading range this week, between $1,554 and $1,620, and prices settled at $1,577 an ounce.

As per a Kitco survey for the next week of 29 participants interviewed, 13 see prices moving up, while 8 see prices down, and 8 see prices moving sideways or are neutral.

Domestic markets were relieved after Finance Minister did not hike import duty on gold in this Budget, as was largely anticipated. At the MCX, Gold futures, for the April 2013 contract, is trading at Rs 29,758 per 10 grams, higher by Rs 41 or 0.14% at 12.35 pm IST.

Silver futures were seen trading at Rs 53,871 per kgs higher by Rs 160 on the MCX.

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