A report on the Citigroup Global Markets has stated that although gold prices may not rise significantly within the near future, in the long-term they are expected to leap back to record levels.

Citigroup analysts John Hill and Graham Wark said that the current pullback is more to do with seasonal cycles of slack in physical demand than anything to cause worries for investors in gold.

The analysts said that they remain confident in the precious metal's ability to continue as a safe haven against currency prices.

"Citigroup is standing pat on its average forecasts of $1,000 gold over [the] 2008 to 2010 [period]. We remain positive on gold, based on a mix of macro and supply-demand drivers. The forces that have propelled gold for the past five years are intact, if not intensifying," they said.

The price of spot gold reached its highest for a month today (April 17th), climbing to $951.50 an ounce as investors rushed to take their assets out of the ailing dollar.

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