Analysts expect gold prices to climb to more than $1,500 per troy ounce in 2011, building on the metal's strong performance last year and continued investor concerns on the global economy.

In its Gold Survey 2010 – Update 2 report, published Thursday, GFMS, a precious metals consultancy, said the price of the precious metal would breach $1,500 by the summer, heading towards $1,600 per troy ounce by the end of the year.

The metal traded at $1,379.14 per troy ounce at 11:40am in London on Thursday