Global consultancy Thomson Reuters GFMS, in its latest Gold Survey 2012, forecast average gold price to rise to $1,800 an oz for the first half-year ending June 2013.
According to Kitco.com, the forecast consists of a 6.7 per cent rise from the $1,686.85 an oz average recorded in the second half of 2012 and of a nine per cent rise from $1,650.80 an oz recorded in the comparable period last year.
Global broking firms, including Barclays Capital, have already forecast gold to hit $1,900 an oz this year on strong investment demand.
"In spite of growing market speculation that the decade-long bull run for gold could be over, GFMS remains positive on the price, forecasting gold to average an all-time high over the first half of 2013 and to recover back well into the $1,800s," said Philip Klapwijk, its global head of metals analytics.
The yellow metal had seen a massive sell-off in the second half of the previous year, amid concerns on additional liquidity support needed in the context of the 'fiscal cliff' controversy in US government finances.
Since US lawmakers have deferred their standoff for a quarter, the yellow metal remained resilient over the past month, moving in a narrow range of $20 to trade currently at $1,880 an oz in London.
In India, gold is trading at Rs 30,860 per 10g.
Assuming the rupee remains around the current 55 to a dollar, another 10 per cent rise, as forecast by many analysts, would lead to gold hitting Rs 33,000 per 10g in the first half
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