You shouldn’t own any gold now: Portfolio strategist

Gold is having trouble holding onto gains.

The commodity kicked off November by falling to a one-month low on Monday, trading around $1,134. And according to one strategist, there's no real reason to own gold given the current market environment.

Andrew Burkly, head of portfolio strategy at Oppenheimer, said gold could be useful as a short-term currency hedge or a long-term inflation hedge. However, given the strength in the dollar and low inflation, neither trade would be applicable, Burkly said.

As market watchers have upped the possibility of an interest rate hike in December, he said, Fed expectations will continue to weigh on gold and other commodities.

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"As a U.S. investor, I don't really see either of those two problems occurring right now," Burkly said Monday on CNBC's "Power Lunch." "I'm still pretty bullish on equities until the year end, so I would recommend not having a gold position here."

But Stacey Gilbert, head of derivative strategy at Susquehanna, said the options market isn't anticipating any big drops for gold. She said even less are betting on notable gains for the yellow metal.

"A lot of that has probably come off the Fed, when we saw gold sell off, when we saw the volatility come lower, and the sentiment get a little more bearish in gold options," Gilbert said Monday. "If anything, investors continue to suggest that gold will somewhat range-bound, with maybe a slightly bearish bias."

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Trading Nation is a multimedia financial news program that shows investors and traders how to use the news of the day to their advantage. This is where experts from across the financial world – including macro strategists, technical analysts, stock-pickers, and traders who specialize in options, currencies, and fixed income – come together to find the best ways to capitalize on recent developments in the market. Trading Nation: Where headlines become opportunities.

Michael Santoli

Michael Santoli joined CNBC in October 2015 as a Senior Markets Commentator, based at the network's Global Headquarters in Englewood Cliffs, N.J.  Santoli brings his extensive markets expertise to CNBC's Business Day programming, with a regular appearance on CNBC's “Closing Bell (M-F, 3PM-5PM ET).   In addition, he contributes to CNBCand CNBC PRO, writing regular articles and creating original digital videos.

Previously, Santoli was a Senior Columnist at Yahoo Finance, where he wrote analysis and commentary on the stock market, corporate news and the economy. He also appeared on Yahoo Finance video programs, where he offered insights on the most important business stories of the day, and was a regular contributor to CNBC and other networks.

Follow Michael Santoli on Twitter @michaelsantoli

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