Commodity analysts at JP Morgan are predicting the price of gold may hit $2,500 or higher per ounce by the end of the year, the Financial Post reported on Monday.

Prior to Standard & Poor’s downgrading of the debt rating of the United States, the bank thought spot gold would reach $1,800 by the end of 2011. It has since revised its projection.

On Tuesday, the price continued to climb above the $1,700 mark. Gold futures for December delivery rose $31.90 to $1,745.10 after soaring to an all-time high of $1,782.50 an ounce at the Comex division of the New York Mercantile Exchange, The Street reported today.