By Ruchira Singh MUMBAI, Oct 23 (Reuters) - India's banks and brokerages expect gold prices to stay firm with global uncertainties surrounding economic growth and financial markets keeping the metal in the limelight for investment. The median of a Reuters poll of 12 banks and brokerages showed gold could be at 12,904 rupees per 10 grams at the end of December and 12,987 rupees at the end of March next year. The average price for 2008 was seen at 12,475 rupees. "One cannot foretell when the global financial crisis will end. One thing remains very apparent and that is investors continue to indicate their desire to get out of risky positions and gold has been the beneficiary," said Pinakin Vyas, chief manager, treasury, IndusInd Bank Ltd. The results of the latest poll are a slight scaledown from the earlier forecast in July when gold was seen touching 13,400 rupees by December and the average for the year was seen at 12,599 rupees. Analysts said volatility will rule high in the next two quarters with opposing tugs from fears of a likely recession on one hand and steps to ameliorate the financial crisis on the other resulting in wild swings for the metal. "A bullish trend in gold price is what I expect, but sharp periodic corrections cannot be ruled out as the dollar is expected to get a boost as Europe and emerging economies rush to the greenback," said Debjyoti Chatterjee, associate vice president at MAPE ADMISI Commodity Research. The dollar and gold generally have an inverse relationship as the two compete for funds.

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