Coutts expects Indian curbs on gold imports will eventually be eliminated, while Chinese retail demand remains upbeat and signs of a pickup in jewelry demand in Western economies are emerging.
"We see current prices as an attractive entry point given our view that the balance of risks now points to the upside," it said.
Others also see reasons to at least turn less negative on the metal.
"We do think the bulk of that (exchange-traded-fund) selling is now behind us and we will only perhaps see moderation in selling, if any selling at all," said David Lennox, resources analyst at independent research house Fat Prophets.
(Read more: I wouldn't buy gold with my worst enemy's cash: Strategist)
"When you have a look at what the industry itself is doing, it is now actually adjusting to the lower gold price environment. We've seen primary production starting to moderate. We've seen secondary production, through recycling, actually collapsing through the latter part of 2013. And we saw a good increase in jewelry demand and also in industrial demand," Lennox told CNBC. "We do think that's going to lend quite strong support to the gold price," he said, adding he expects the price to rally toward the latter part of the year.
To be sure, a positive view on gold isn't the consensus.
"If the dollar is moving up, which is our case, real interest rates are moving up, the world healing, normalizing, that's hardly an environment for gold to do well," said Bob Doll, chief equity strategist at Nuveen Asset Management, which has around $115 billion under management.
(Read more: Contrarian view: Why gold will recover in 2014)
"(When) people bought gold, they were concerned about inflation – not a problem at least that I can see – and that the system might fall apart. Neither of those things happened so it's no surprise that gold finally had a tumble. I don't think we've seen the lows yet," he told CNBC.
—By CNBC.Com's Leslie Shaffer; Follow her on Twitter @LeslieShaffer1