Spot gold prices have gained some 10% so far this year.
New Delhi could cut India's record high gold import duty in the budget to be presented on 28 February.
Gold prices have gained some 9% so far this year on safe-haven buying.
Gold up to four-month high while palladium down to three-month low
Markets to track the ECB's monetary policy decision, due out on 22 January, to see how it influences gold prices.
Gold prices have gained over 6% so far this month amid volatility in financial markets, triggered by SNB decision.
Gold has to break $1255-$1270 region to delay hitting $1000.
US gold futures for delivery in February have added 2.7% from the 2 January opening price.
Asian demand and US dollar strength to influence the price of the yellow metal in 2015.
Gold prices could struggle in the short term and could even break below the 2014 lows in the coming months.
Gold prices could destabilise over the holidays if the Russian economy deteriorated further.
Prices gained 2.7% in the week ending 13 December on renewed buying interest.
Gunvor, the world's fifth largest oil trader, began physically trading the precious metal earlier this year.
Risks are more skewed to downside and once recent lows moved past, silver will aim $12.
New Delhi could this week give its star trading houses "a free hand" as far as gold imports are concerned.