Mubasher: Gold prices could possibly soar by nearly 30% to as much as $2,000 per ounce next year, London-based Independent Strategy president and global strategist David Roche told CNBC.

“What my gut says is that cause of the vilification of fiat currencies by central bankers, which is set to get worse — not better, people will look for an alternative currency,” Roche told the news outlet.

In the current moment, spot gold hovers above $1,500 per ounce.

Before the end of this year, the yellow metal could hit $1,600 per ounce, since it is “a good alternative currency because it’s safe, and because it costs nothing to own it compared to paying negative rates on deposits,” according to Roche.

Policymakers worldwide are moving towards monetary easing, with the past month seeing major central banks reducing borrowing costs.

In the US, the Federal Reserve cut its benchmark overnight lending rate to a range of 1.75% to 2% last September, while the European Central Bank (ECB) reduced its deposit rate to a record low of -0.5%, and reintroduced a large bond purchasing programme.

In Asia, the Bank of Japan (BoJ) signalled the possibility of a cut to its short-term rate, which is already in negative territory, at its October meeting.

“Quite rightly worried” about the incoming downturn, central banks acknowledged that there is a “need [for] lots of fiscal money,” the strategist said.

“So actually, the government spends and we can supply the money [and] we just run up bank balances between the two of us, which we can always write down,” he added.

By 1:27 pm GMT, spot gold inched up by 0.12% to $1,501.31 per ounce, while US gold futures fell by 0.22% to $1,504.60 per ounce.