The record for gold prices in India is 16K Rupees per gram, but it's likely to break that record at the moment in bullion and futures markets.

"The record high in gold price is continuing. Gold prices may further go up next week," said Karim Khan, a Mumbaian bullion analyst.

The price is being driven up, and yet the sales of golden jewellery remain strong.

This is partly because people expect the price to continue rising, and also because of certain religious ceremonies occurring in India.

Bullion traders have been excited that sales have stayed upbeat even during the fortnight of Shradhh, which is not the time of year you would expect Hindu mythology to be boosting sales.

Ashok Minawala of the All India Gems and Jewellery Association argued that there is a change in the public's mindset in seeing gold as an ornament, coupled with an increasing number of wealthy Indians.

"In the first quarter of this year the jewellery sales have been slow, but since then the demand has picked up and is likely to remain positive till the rest of the financial year," he explained.

The increased interest in India is likely to have a continued positive impact on both vintage gold jewellery prices and those of rare gold coins. 

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