New Delhi: The yellow metal in the global markets continues to move upwards on backdrop of Brexit jitters. Gold price is forecast to be Rs33,500 per 10 grams by December 2016 and $1,475 an ounce in the global markets. Gold price on last Friday rose by 8.2 percent to $1,319, while New Delhi Bullion market recorded Rs30,875 per 10 grams. Gold in the global markets on Monday was trading one percent higher in early trade around $1325 per ounce.

Though US dollar on the rise against major global currencies in the wake of Brexit, the greenabck is expected to ease in the days to come and this will further propel gold prices upwards, opine commodity experts. Gold prices in the international markets, following the UK votes favouring exit from EU, rose nearly $100 per ounce jump, which was not a usual phenomenon. The price of gold in India has seen a highest single day jump in the last five years, with the previous one being in August 2011.

In terms of sterling, the price of gold soared nearly 20% to GBP 1,000/oz on Friday, which fell later. However, it again went up today as lower pound meant higher gold price in pound terms, a better hedge against currency for UK investors. Sterling or British pound is trading at three-decade low.

Meanwhile, World Gold Council (WGC) believes that pension funds could start buying gold, a class not traditionally investing in gold. Data on Shanghai Gold Exchange shows that volumes on its spot gold segment have increased to 346 tonne on Friday against the daily average of 100 tonne suggesting Chinese demand resuming.