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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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