Citigroup Inc announced its Gold prices forecasts for the present year where the bank expected Gold prices to breach $1600 an ounce amid accelerated growth of commodity investments.

Stuart Staley , Citi's global head of commodities, saw faster growth in gold prices where he expects prices could probably climb by 15 to 20 percent during the upcoming two years, having in mind the company seeks metal bas bound.

Gold hiked to currently trade at around $1547.17an ounce on Tuesday, from $1539.10an ounce while reaching its highest level at $1548.04.