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According to the median forecast of 40 analysts and traders surveyed by Reuters in mid October, the average price of spot gold is expected to be $1402 per ounce in 2019 and $1537 per ounce next year.
The estimate is much higher than $1351 and $1433 in similar surveys three months ago. So far this year, gold has averaged $1375 an ounce.
Gold prices, which hit a six-year high of $1557 in September, have risen about 17% so far this year, or are set to record their biggest annual increase since 2010.
"Major central bank interest rate cuts, worsening global economic outlook and escalating geopolitical tensions are the main positive factors for gold prices," said Daniel Hynes, an analyst at ANZ.
The central bank is also steadily increasing gold reserves, and private funds are pouring into gold backed exchange traded funds (ETFs), boosting demand for physical gold.
"If the central bank and ETF continue to buy, and the Fed continues to cut interest rates, the price of gold may rise to $1600 an ounce in the near future," said Frank Schallenberger, an analyst at lbbw.

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