Concern about the fiscal cliff has helped push stocks down 3.8 percent since last week’s elections, but gold has gained 0.5 percent.

And some experts believe the precious metal has plenty of room to rise further, as the U.S. borrowing crisis lingers. Government debt totals $16 trillion.

Any agreement to avoid the cliff — $607 billion of spending cuts and tax increases set to begin Jan. 1 — is unlikely to produce a definitive solution, analysts say.

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"I think many people feel that the can will continue to get kicked down the road,” Christopher Blasi, president of Neptune Global Holdings, tells CNNMoney.

“The outcome of the election seems to show there is not an appetite for major tax increases or meaningful cuts in spending."

And that bodes well for gold. The metal could hit $2,500 an ounce within the next two years, up 45 percent from $1,728 early Wednesday, Blasi says.

Continued easing by central banks around the world also will boost gold, some say. Given the monetary accommodation, “owning an inflation hedge definitely seems prudent," Chris Gaffney of EverBank Global Markets writes in a report obtained by CNNMoney.

Meanwhile, gold demand from India, the world’s largest buyer, should revive next year from this year’s slump amid heavy jewelry purchases, industry officials tell Reuters.

An increase in appealing wedding days during 2013 will help push demand up 25 percent next year, says Shekhar Bhandari of Mumbai-based Kotak Mahindra Bank.

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