"To buy gold at these levels, you'd have to be betting that a lot more goes wrong and I'm really not sure that's going to be the case," Hans Olsen, Stifel's global head of investment strategy, told CNBC's "Squawk Box".
Olsen said his firm made a "fair amount of money" from gold'srecent rally but the "big disruptions" were already over.
Spot gold traded around $1,320 an ounce on Tuesday morning in Asia, about 4 percent higher than its level before results of June 23's U.K. referendum were released.
NationsShares' chief investment officer Scott Nations said, meanwhile, that gold could gain another 6 percent to hit $1,400 an ounce.
"I can certainly see gold rallying a little bit from here, notnecessarily because it should but because people are going to notknow what else to do," he told CNBC's "The Rundown".