Gold has recently been extremely volatile. Against this backdrop, experts have made contradictory short-term forecasts. The majority of analysts, however, say that the precious metal is unlikely to increase in the near future. The price is expected to drop below $1,700 by the end of March.

As for a long-term outlook, gold is predicted to skyrocket. This is likely to happen only if the precious metal retains its current position, that is, consolidation within a large bullish trend. Under such circumstances, the price may well soar over $2,000.

At the same time, financial analysts have estimated that this mark will not be gold's peak. They assume that the precious metal will rally even higher. There are several reasons for that. Firstly, it is the possibility of a plunge in the price of bitcoin. If the bubble bursts, demand for gold will grow exponentially and this in turn will trigger an unprecedented jump in the price of the precious metal.

Lastly, it is a sharp increase in global inflation. Experts believe that consumer prices will continue rising worldwide in the years ahead. In this light, many investors are likely to turn to gold as a safety net. Demand for the safe haven will trigger a surge in its price.