Erica Rannestad, analyst at CPM Group, said prices might weaken initially as the eurozone concerns are less worrisome.

FORBES: Most Survey Participants See Higher Gold Prices Next Week

Rohit Savant, senior commodity analyst with CPM Group, said many potential buyers in India appear to be still holding off.

FORBES: FOCUS: Analysts: Physical Market Watching To See If Gold Price Stabilizes

Erica Rannestad, commodities analyst with CPM Group, said there is a normal tendency for inventory building during the first month of a new year.

FORBES: Seasonal Effect Prompts Large Spurt In January U.S. Mint Gold-, Silver-Coin Sales