Jaitley says New Delhi has to be watchful of India's current account and fiscal deficits.
Gold hovers at three-and-a-half month high thanks to the funding crisis at the Portuguese Bank Espirito Santo.
Import tax on gold remains at record-high 10%.
India could ease gold import curbs as Narendra Modi puts public and trade over economics.
Gold reverses previous day's losses after US jobs data reflecting yellow metal's inherent strength.
With the recent price moves, the metal has shaped a flag pattern and is now testing resistance at $1334.50.
Gold rose to its highest since 24 March as uncertain growth outlook for the US weakened the dollar, increasing the investment appeal for the assets denominated in the greenback.
Gold prices have risen some 2.4% in Q2.
China has imported 407 tonnes of gold from Hong Kong since the beginning of 2014.
World Gold Council meeting scheduled for 7 July hopes to 'explore reform of the London Gold Fix'.
Traders keen on gold above psychologically important $1,300 an ounce level.
The 95-year-old gold pricing benchmark was criticised for lack of transparency.
Weekly chart still pictures the reversal from the 2011 record and the yellow metal has a medium-term target near $1040 in it.
US Fed Reserve chief Janet Yellen's press conference on 18 June to influence gold prices.
Gold and silver rallied to 2-week highs on Thursday helped by risk aversion and physical demand while platinum and palladium slipped.
Bounce back in gold late last week has not formed a trend yet.
US dollar and global equities get a boost following solid US labour market report.
US nonfarm payrolls data for May due out at 13:30 GMT.
Anticipated increase in India's current account deficit to weigh on rupee valuation.
Anticipated ECB rate cut and upbeat US jobs data expected to dent gold's safe-haven investment status.
US SEC asked companies to audit their raw material supply chains by 2 June
Weak demand in leading bullion buyer China also weighs on prices.
RBI decision affords permission to over 20 entities, including banks, to import gold.
Global gold consumption largely unchanged at 1,074.5 tonnes in first-quarter of 2014.
Limits have boosted gold smuggling into India, the second-largest bullion consumer after China.
Prices up 0.3% for the week as raft of upbeat US data caps gains.
Chinese gold and silver jewellery sales in April dropped 30% from a year ago.
The incoming government in India may slash record high import duties on gold and ease export rules.
Gold steadies after trading close to a three-week high over the increasing violence in Ukraine.
London bullion market to be shut on 5 May for bank holiday.
