$1250/oz target for 2008

"We may find a bit of stickiness around here. But the big round figures are just numbers and sentiment is still very positive towards gold," Ross Norman, a director at TheBullionDesk.com, said.Gold may now need a period of consolidation, but it will soon resume its bull-run towards lifetime highs -- TheBullionDesk forecasts gold to reach a peak at $1,250 an ounce in 2008.Prices have already climbed by 20 percent since the start of the year, but it is still a long way from its real-term peaks. After adjusting for inflation, spot gold exceeded $2,300 an ounce ($850 in nominal terms) in January 1980, according to Lehman Brothers.According to the World Gold Council, the real-term three-year average for gold stands at $1,200 an ounce.The previous spike in 1980 was the direct result of high inflation due to strong oil prices and geopolitical tensions -- the Soviet invasion of Afghanistan and the impact of the Iranian revolution.