The gold prices have moderated from the high of $1,900 per troy ounce recorded in the month of September.

Gold prices have been moving between $1,600 and $1,800 in recent times. Experts believe that the prices are likely to increase not only because of the demand for the commodity but also because of the value of currencies that is going down due to printing of money.

According to a new survey, some experts believe that the gold prices will hit new record high in 2012. The survey by the London Bullion Market Association included 26 contributors, out of which 3 said that they expect the gold prices to rise to record levels in the year while 19 others said that they expect the gold prices to reach above the level of above $2,000.

The survey stays that the analysts expect the gold prices to average $1,766.00 an ounce this year. The average for 2011 was calculated to be $1,572.00. The prices of the shiny metal had risen to a record $1,920.30 an ounce in September. The gold prices have risen 10 percent in 2011 making it the eleventh consecutive year for a rise in price.

Gold production is likely to see supply bottlenecks. China is the biggest producer of gold followed by Australia, the United States, Russia and South Africa. The demand in China matches its supply from domestic production while Australia and South Africa is seeing lower outputs. Out of $1 trillion worth of private gold holdings in India, about 60 percent is in the form if Jewelry and not available for sale. These factors will contribute to the increase in price of the metal.