The recent report on the prospects for gold by investment research house GFMS has been receiving a lot of coverage. If you haven't seen it, there is a summary here and another longer one here.

In essence, they believe the price of gold has still to rise, based on their analysis of various factors. These include the assumption that inflation will take off sooner or later (a good guess would be 2013), that China will remain keen on buying gold, and that the Indian market is to follow China, with a bit of a lag but with similar eventual huge consumer demand. 

Rising sovereign or national debt levels also help to drive investors into gold and raise the price, as people worry about the value of their currencies.

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