LONDON (Commodity Online): Every investor--especially commodities traders--have been going gaga over the zooming gold prices recently. Gold price which stood at around $800 per ounce last year around this time is today at a historic high of $1117 per ounce.

Several bullion analysts like Jim Rogers and Jim Sinclair have predicted that gold price would continue to boom. While Jim Rogers says gold price will zoom to $2000, Jim Sinclair has been arguing that the next stop for the yellow metal price is $1650 per ounce.

But not every bullion analyst is bullish on gold, the hottest commodity traded in the world. Legendary investing guru Marc Faber says gold price is rising without any fundamental factors and thus the price of the yellow metal will plunge to $900-$800 levels.

Faber, celebrated author of Gloom, Boom & Doom Report says that gold prices will dip in the short term, falling to $800 an ounce from current values around $1,117.

"The US economy will require further stimulus packages, which will weaken the dollar, thus making government debt also a bad investment choice in the short term. Commodities such as oil and gold have been rallying on a weak dollar, but that will change as prices must correct," Faber wrote in a recent column.

“In the case of gold a decline below $1,000 would likely lead to further more meaningful weakness, possibly down to between $800 and $900,” Faber wrote in his column.

The U.S. economy is emerging from the recession, with gross domestic product gaining 3.5 percent in the third quarter on an annualized basis.

Faber has said lagging unemployment rates and low personal income rates will slow economic recovery despite nominally high official growth rates.

Nevertheless, gold prices are staying high for now, as a weak greenback pushes investors away from currency markets and into precious metals.

“Short-term traders are looking at gold as an inverse play on the dollar,” says Nicholas Brooks, head of research and investment strategy at ETF Securities in London, according to the Associated Press.