If a hefty payrolls beat fails to materialize, and if unrest in Iraq and Ukraine continues, both gold and silver will generate "good value buys at these price points", Blanchard added.
CNBC's weekly sentiment survey backed this bullish view, with nearly half of respondents (47 percent or 9 out of 19)) forecasting gold price gains this week, though some strategists warned any rally may stall at around $1,330 or $1,340 an ounce.
The poll results corresponded with a survey by IG Markets, which revealed that 73 percent of their more-than-500 clients with open positions expected gold prices to rise.
Some 26 percent (5 out of 19 respondents) said gold's gains may fade this week, and an upbeat jobs report would be the catalyst for a pullback.
Gold bears UBS and Societe Generale maintained that the U.S. economy is improving, paving the way for eventual Fed rate hikes in 2015, shoring up the dollar and eroding bullion's appeal.
"Monetary policy normalization in the U.S. will be a constant drag on gold prices in the coming quarters," UBS commodity strategists Dominic Schnider and Giovanni Staunovo said in comments emailed to CNBC. The bank holds a "neutral" view on gold in the short-term and is "bearish" over the next 12 months.
Equally negative on gold's outlook, Societe Generale said the metal is unlikely to sustain its recent gains, adding: "We maintain our negative stance on gold… the gold bubble is still deflating."