Gold prices are likely to end up higher by the end of the year, said Davis Hall, head of forex and precious metals private banking at Credit Agricole.
"Our view is that short term momentum can take it higher...(to) about $1,350 before year end," he said on CNBC, adding that investors should buy in on the dips due to the recent run-up in gold prices.
"Sentiment is so excessively bullish and the markets (are) very very well positioned. There hasn't really been a trade off for people to call positions in gold yet, but we are aimlessly waiting in vain for dips."
"If you look at the (ten-year) chart and you re-base gold at a 100 versus the Dow Jones, it's been a place to hide. You can run but you can't hide, except into gold," he continued.
Gold prices recovered on Friday from a sharp fall the day before, as weaker-than-expected manufacturing data out of China prompted investors to sell out of a range of asset classes.
Since the start of the year, gold's safe haven appeal sent prices up nearly 15 percent in mid-June when it hit a high of $1,266 on the Comex August contract.
Apart from gold, Hall also sees potential for platinum prices to rise due to its exposure to the industrial sector.
"We can actually move back to $2,000 with the recovery in vehicle sales."
Comments? Questions? Send them in here.
Catch "Protect Your Wealth" on CNBC's Asia Pacific network every Tuesday on "CNBC's Cash Flow," Wednesday on "Asia Squawk Box" and Thursday on "Capital Connection."