Gold prices seen falling further

The yellow metal had struck a record high of Rs 21,274 on March 7.

8220;There could be further downside in prices. Selling could be done at 21,040 for a target of Rs 20,850/20,780,8221; said Madhu Nagaraj,an analyst with Karvy Comtrade.

Analysts expect consolidation in prices going forward.

8220;We expect some consolidation to test 20,600 levels in the short term. Broader view is that it is likely to stay in a range and we expect sideways consolidation between 20,600-21,000 levels for the short term,8221; said Geojit Comtrade in a report.

Bargain buying from physical traders could limit the downside in prices,analysts said.

The high demand period of weddings is currently underway in India,which imported a record of a little over 900 tonnes during last year.