Closely followed commodities investor Dennis Gartman said Friday he has become more bullish on gold as inflation picks up.
The Gartman Letter publisher said he previously liked gold only in yen and euro terms but is now "turning fundamentally bullish" even in dollar terms.
"I'm not a gold bug. I don't think the world is coming to an end. But I do think inflation is beginning to pick up incipiently at the margins," he told CNBC's "Squawk Box."
Gold is often held as a hedge against inflation, though some investors question its effectiveness as protection against rising prices.
Gold prices have risen about 4.5 percent this year. In March, the core personal consumption expenditure index — the Federal Reserve's preferred measure of inflation — rose 1.6 percent year over year.