Blaming a rush of investor-buyers for pushing the price of gold to over Rs

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17,000, market experts said the yellow metal might get

cheaper by about Rs 500 per ten gram by next week on profit-booking.

Investors are expected to book profits after the recent record-breaking rally, and the metal would come down to below Rs 17,000 levels soon, according to analysts. “The precious metal is highly volatile at the moment. Gold prices may correct after Friday at Rs 16,900 levels,” said Religare Commodities’ metals and energy in-charge Somnath Dey.

Gold on MCX for December delivery was trading at Rs 17,131 per 10 grams on Wednesday. The yellow metal hit a new record at the New York Mercantile Exchange at $1,148.10 an ounce (28.34 grams) for the December delivery following a 0.37% dip in the dollar index.

The price volatility is mainly on account of continued weakness of the dollar and the recent selling of 200 tonne gold by the IMF to the Reserve Bank to raise money for lending to poorer countries, he said.