The price of gold is expected to rise to $2,941 a troy ounce over the next 12 months from the current $2,661, delegates to the London Bullion Market Association's annual gathering predicted Tuesday.

A poll of delegates at the LBMA conference in Miami also predicted higher prices in a year's time for silver, platinum and palladium.

Spot gold prices are up 29% so far this year, heading for the biggest annual gain in 14 years, amid the start of U.S. Federal Reserve interest rate cuts and geopolitical tensions. The spot price hit a record $2,685.42 per ounce on Sept. 26. Delegates from around the world also predicted that silver prices would jump to $45 per ounce in a year's time from around $31.46 on Tuesday. Silver prices are up 32% so far this year.

They forecast that platinum prices would climb to $1,148 from the current $984 and palladium would edge up to $1,059 from around $1,012.