Gold prices, on Wednesday, touched record-high levels during the afternoon. They tracked the overseas market prices.

But post this scenario, the brokers and traders began to back out since they did not want to get stuck with high prices. And that is the reason what led to a small decline in the price towards the end of the day.

Another major factor which pushed up the prices was the Akshay Trithiya festival which happens to be on May 16 this year. Much of the boost in demand and also the price is the outcome of this trend.

International prices, which affect the domestic price is at record high level of $1,228.55/1,299.55 an ounce. The previous close was at $1,232.05/1,233.05. But, the all-time high level has been $1,233.65 which was seen in the last session.

Some dealers also believe that the customers are backing out of the deals since they do not want to buy gold at such high prices. This, they believe, will pull down the demand and also the price.

Industry people believe that $1,200 an ounce is the suitable level at the moment.