Bob Doll, Nuveen's Chief Equity Strategist, sees strength in the U.S. economy making gold an underwhelming investment and expects that any near-term pullback in stocks will be shallow.
"If the world continues to heal, the U.S. continues to do better than most places, the dollar continues to rise, I don't think that's an environment where we can expect a lot from gold," Doll told CNBC's "Squawk on the Street" Thursday. "It's a commodity, it bounces all over the place, but I think it's fairly trendless."
On stocks, Doll said "it is unbelievable how long this has gone on without a pullback. We're going to correct at some point, but the point is that the economy is getting better, the Fed is in our court, earnings are going to be OK, the stock market is going to go higher."