“The metal has been driving higher since mid-August, and a break above the $1,265 region, might bring $1,284 into play,” Madden added.

Related: Top 34 Gold ETFs

Nevertheless, some believe that strong fundamentals may continue to support gold prices beyond safe-haven buys in the year ahead.

“I think gold has done well on a relative basis and will surprise to the upside in the new year,” Holmes said. He also advocated “a 10% weighting in the yellow metal, rebalancing annually.”

“Five percent of that should be in gold bullion or beautiful gold jewelry, and the other five percent should be in well managed gold mutual funds or ETFs,” he added.

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