Though gold prices are falling because of negative economic news from Europe and the U.S., a number of analysts believe the price of gold will recover from its current dip and rise as much as 90 percent in the next two to three years.

We don't believe gold would be overpriced at the current level of trading around $1,700 per ounce, Johann Santer, chief operating officer of Superfund Financial India Pvt. Ltd., told CNBC-TV18. Our mid- to long-term price goal is $3,000 per ounce within the next two to three years.

We started investing in gold when gold was trading at $470. At this stage, we see with all the reflationary methods that have been taking place around the world that commodity prices, especially gold being quite a special commodity in my opinion, can only lead higher in the next few years, he said.

The manager of Tocqueville Gold, John Hathaway, also said the price of gold is headed significantly higher. He cited the increase in the U.S. money supply to spur growth as something that could lead to inflation, which is bullish for gold.

All of these factors create great conditions for gold, which people rightly or wrongly perceive to be a safe haven in uncertain times, said Hathaway.

Negative real interest rates (after inflation) are a big inducement for investors to look some other place to protect value. Gold is going to be one those places, he said.

The gold price fell back under $1,700 per ounce Wednesday.  At $1,691, the price of gold has fallen over $100 from its Nov. 7 closing price of $1,795.