Skeptics, though, argue that gold's relative lack of conviction despite the Ukraine crisis has called into question its safe-haven status.
"Gold is performing terribly as the 'safe' play, even when stocks fall," said Yoni Jacobs, chief investment strategist at Chart Prophet Capital, an equity investment fund. "Add to that continued Fed tapering, and there is downside pressure."
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Some 60 percent of market professionals polled in CNBC's weekly survey (21 out of 35) expect the price of gold to fall this week.
"The impact of stronger U.S. economic data in Q2 2014 via investment outflows in gold could be stronger and exert additional downward pressure on prices, thereby offsetting price supportive news flow from geopolitical concerns," said UBS strategists Dominic Schnider and Giovanni Staunovo in emailed comments to CNBC.
"We therefore want to reiterate our long term negative price stance with a forecast at 12-month forecast at $1,050/oz. We continue to recommend reducing allocations to levels that make sense from a long-term portfolio standpoint."
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