Gold price: a view from the globe's top forecasters

It sees gold hitting a higher average over the year, of $1,790, and expects any fall in gold's price to be less pronounced.

Better off in silver?

Gains of 500% have been tipped for silver over the years ahead, with some forecasters believing will give gold a run for its money.

But Sharps' Norman said gold and silver are more likely to follow a similar path this year, given its strong run over the past 10 years, increased production and fears about the macro picture subsiding.

'We forecast a weak start to the year on US dollar firmness before good demand from industrial applicants as global IP picks up.  With its recent history of price spikes, there is a danger sharp rises will be seized upon by producers as an opportunity to sell forward, effectively capping the rallies,' Norman explained.

'With primary mine production continuing to rise to new record highs, the onus is increasingly on silver bulls to prove the case,' he added.