Investors looking to buy gold at current levels should maintain some caution, as many analysts predict metal prices to head lower by year-end before seeing a recovery next year.”Gold is still extremely vulnerable during 2015 but the 2016 to 2020 period could be supportive for gold,” MarketWatch quoted a report by Jon Bergtheil, analyst at Citi Bank.Prices of gold have been under pressure for the past two years as the ultra-loose monetary policies across major economies failed to push up inflation levels. Investors flock to yellow metal as a hedge against inflation.”Money-printing had almost always resulted in inflation but in today’s excess global production capacity environment and with the oil price having collapsed, that inflation has been deferred,” Bergtheil said.Crude oil prices, which fell by 50% since June last year on oversupply issues, led to a sharp decline in inflation rates across many nations. Besides, oil prices are estimated to remain under pressure in the coming months. As gold prices move in opposite direction to the U.S. dollar rate, continued appreciation of the greenback on the expectations of interest rate hike by the Federal Reserve is likely to put some pressure on the yellow metal prices going forward.Despite some weakness in the economy recently, most of the U.S. central bank committee members are still in favour of raising rates sooner rather than later.Gold prices are expected to extend their decline reaching a five-year low of $1,100 an ounce during this year before seeing a rebound in 2016 underpinned by a demand recovery in Asian countries, thebulliondesk said citing a report by GFMS Thomson Reuters.The report said any prospects for gold prices to climb up would be hindered by a rise in relative health of the U.S. economy.However, from next year onwards, the prices are estimated to find some support due to a demand recovery in India and China, the world’s largest gold consumers.Demand from these countries has been weak so far this year. While Beijing’s anti-corruption moves reduced the appetite for metal in China, bad weather conditions reduced the demand for gold in rural areas of India. Rural population accounts for two-thirds of gold demand in India.