Oil prices will likely rise to about $130 a barrel in the next 12 months as demand in emerging markets such as China and India make up for weak developed world growth, Goldman Sachs said Thursday.

Despite concerns about the U.S. economy and eurozone sovereign debt, which have hit crude prices due to an expected fall in demand, the Wall Street giant forecast commodity prices to remain buoyant.

At the same time it tipped gold - a safe haven in times of economic uncertainty - to cost $1,860 an ounce in a year, much lower than the record high of $1,921 it hit last month.

The large emerging economies of the BRICS - Brazil, Russia, India, China and South Africa – are forecast to grow 7.7 percent this year and 7.9 percent in 2012.

By contrast, advanced economies are projected to expand only 1.7 percent this year and 2.1 percent next year, Goldman Sachs said.

Brent crude, which is traded in London, is expected to hit $130 a barrel in the next year, from current levels around $112, the bank said.

West Texas Intermediate, or WTI, light sweet crude oil, traded on the New York Mercantile Exchange, is forecast to reach $126.50 a barrel over the same period from current $88.

Both contracts touched all-time highs of above $147 a barrel in July 2008 before the onset of a global financial crisis.