Investors' bullishness on gold at the start of this year looks set to continue, with bets on rising prices for the precious metal rising to the highest level in over 14 months.
According to U.S. Commodity Futures Trading Commission data, gold futures' net-long positions – where investors bet on the price of an asset rising - climbed 3.8 percent to 118,241 in the week ending March 4, their highest level since December 2012. Gold short positions dropped 15 percent to 26,321, the lowest since October 2013.
Gold regained some ground at the start of this year, rising 11 percent to $1338.66, as investors flocked to the metal as a "safe-haven" from the Ukraine-Russia turmoil, as well as concerns over the global economic recovery. This followed a 28 percent plunge in gold prices in 2013.
"The gold price has been pushing up by a couple of factors," Richard Perry, market analyst at Hantec Markets, told CNBC in a TV interview.
"Certainly the insurance trade of the geopolitical risks around the Ukraine, and also the fact that tapering is not tightening. That is helping to sustain this move higher, where the ultra-loose monetary policy around the world of the global central banks has helped this gold price."
(Read more: Is India going back to bullion?)
Analysts are split on whether gold will continue the uptick seen at the start of the year.
Holdings in gold ETPs (exchange-traded products) rose in February for the first time since 2012. The SPDR Gold Trust, the biggest of these types of funds, is up 11 percent year-to-date.