Business According to Motilal Oswal, these factors are driving gold prices upward Updated : February 21, 2019 08:17 PM IST The report also mentioned that speculative and investment demand is behind the rising gold prices. In India, the latest data released by commerce ministry said that gold imports have risen by 38 percent (YoY) to $2.3billion. Subscribe to Moneycontrol PRO at just Rs.33/- per month for the first year. Use code SUPERPRO. Limited period offer. Available on Web and Android.