Price of gold to drop in 2014, experts forecast

It appears that 2014 could be a great year to invest in gold for those looking to buy it at an affordable price, as many analysts believe gold prices will dip over the next 12 months.

Multiple news agencies reported that the price of gold will average between a low of $1,000 per ounce and a high of around $1,400 an ounce this year. For example, a Reuters poll showed that the consensus estimate among experts was approximately $1,250 per ounce. Meanwhile, a report compiled by the London Bullion Market Association forecasted an average price of $1,220 an ounce, perhaps topping out at $1,380, according to The Telegraph.

It's not out of the realm of possibility that the price could go as high as $1,500, though, according to Martin Murenbeeld of Dundee Capital Markets.

"With every central bank in developed economies hoping to boost inflation, there is sufficient room to speculate that the gold market will make a turn in 2014 and end the year higher than where it started," Murenbeeld told the London-based newspaper.

What may also affect the price is international demand. Reuters reported that demand in China will likely be mild in 2014, but is projected to increase in 2015.