MUMBAI (Commodity Online): Where is the yellow metal headed for? In India gold is definitely heading for Rs 17,000 mark if market analysts’ opinions are anything to go by.

During the Diwali week, in spite of the high prices of gold, the Indian buyers bought 57 tonnes of the gold. And the weakening dollar is set to boost the gold prices and it would touch Rs 17,000 per 10 gm before the new year.

With the expectation of a subdued demand during November, gold imports during October 2009 were lower at about 37.5 tonnes compared with 70 tonnes during the month of September 2009.

During the festival season there was revival in the buying of gold but going forward the customers would stay away from gold due to the high prices.

Meanwhile, the benchmark December gold on the Multi Commodity Exchange (MCX) closed 1 per cent higher at Rs 16,117 per 10 gm on Monday, after hitting a record high of Rs 16,173 in the late trade.

US home sales and construction activity picked up and euro zone factory activity expanded for the first time in 17 months.