The price of gold may struggle to sustain any significant gains in the coming months, though the market should overcome any sluggishness to rally to a new record above $2,000 a troy ounce later this year or in early 2013, metals consultancy GFMS Ltd. said Tuesday.

GFMS--a unit of Thomson Reuters Corp.--said liquidity concerns and elevated risk aversion may weigh on bullion prices.

In an update to its 2011 Gold Survey report, GFMS forecast an average price of $1,640/oz for the first half of the year; an outlook it described as "cautious."

"We are conscious that the euro-zone crisis is far from over and its impact on liquidity, the value of the U.S. dollar and attitudes to risk could all become very apparent, particularly once buying linked to the Chinese new year is behind us," said Philip Klapwijk, global head of metals analytics.

The price of gold has increased around 5% so far this year amid strong demand from Chinese buyers ahead of the Lunar New Year, on Jan. 23.

The market, however, had recorded a decline of around 10% in December alone as fears of a liquidity squeeze weighed on investor sentiment.

Still, GFMS said it expects prices to "shrug off any lethargy and power ahead to fresh all-time highs," with the key $2,000/oz level likely to be broken either later this year or early next year. The record high in the spot gold market currently stands at $1,920.94/oz, posted in early September 2011.

Klapwijk said the economic and political backdrop remains gold-positive. Low interest rates, inflation concerns and "a general mistrust of fiat currencies," should all help to lift the gold price higher.

Gold is widely viewed as an inflation hedge and alternative store of value in periods of uncertainty.

The re-emergence of any U.S. sovereign-debt or economic concerns, in particular any fresh quantitative-easing measures, "could really fire up the gold market," he added.

The gold market is, however, nearing the final stages of its decade-long bull run, the consultancy said. Gold prices have risen for 11 consecutive years.

"Once the macroeconomic backdrop changes and investment in gold fades--probably some time next year--a secular retreat in the price will unfurl," GFMS said.