While China has been a key source of gold demand this year, helping to offset selling from exchange-traded funds (ETFs) and a pullback in Indian consumption, the country's bullion imports may slow in 2014, according to ANZ.
"Caution is warranted in expecting that the import growth of 2013 will be repeated next year. Over the medium-term, rising real interest rates and poorer capital returns for gold will reduce its desirability as a store of wealth," Victor Thianpiriya, commodity strategist at ANZ wrote in a report.
Gold prices have plunged around 28 percent over the past 12 months - the fourth largest fall over any one-year period since the 1970s - lowering the attractiveness of the precious metal.
(Read more: Gold demand slumps as Indian consumption shrinks)