Analysts tracking gold prices said gold could still return to around $5,000 per ounce this year, though a previously discussed $6,000-per-ounce target now appeared harder to achieve.

According to Jin10, Rick Kanda of The Gold Bullion Company wrote in a report that the $6,000 forecast might be out of reach. He added that if central banks around the world continued buying gold at a steady pace, the metal could have a chance to reach $5,000.

Kanda also said macroeconomic conditions had changed, making gold less attractive as a safe-haven asset than it was last year.