New Delhi, Sept. 17 -- Festive season, cultural demand, and GST reforms could boost gold jewellery buying in India even as the yellow metal rates are at record highs, Mirae Asset Mutual Fund has said in a report.

In terms of jewellery demand, India and China serve as catalysts -- together, they account for over 50 per cent of demand, as per the report.

Recovery in consumer spending and stimulus may revive urban jewellery purchases in China, too.

But there is a caveat to that that has been said in the report. With gold above USD 3,500-3,600 per ounce, price elasticity may cap demand recovery for the yellow metal, Mirae Asset Mutual Fund has asserted.

"We expect gold would likely to move upside going ahead from the current level and rem...