A number of industry analysts have suggested that Gold Prices will remain intrinsically linked with the fortunes of the US dollar.
James Moore, an analyst at London-based TheBullionDesk.com, mentioned in a recent report that Gold Prices could expect to continue to rise provided the dollar remains weak, according to Bloomberg.
He said: "The weaker dollar and broad commodity gains should continue to push gold higher in coming sessions. The market should continue to be underpinned by investment and physical dip-buying."
Mr Moore's observations are supported by Jon Nadler, a senior analyst with Kitco Metals Inc. in Montreal, who said in a report that Gold Prices depended on variances in the value of the US dollar.
He commented: "The defining agent of this year's action will once again be the path that the US dollar eventually takes," according to the news provider.
Reuters recently revealed that RBS has increased its 2011 forecast by ten percent and its anticipated price for 2012 by 20 percent. By 2012 it expects the precious metal to be worth $1,300 per ounce.