Investors are flocking to gold as a safe haven trade after the U.K.'s vote to leave the European Union, but the upside from here is rather limited, the global head of commodities research at Goldman Sachs said Monday.
"One of the key reasons for that is the market is incredibly long. We've also seen a sharp decline in interest rates, particularly U.S. Treasurys, which suggests that we probably are topping out here," Jeffrey Currie said in an interview with CNBC's "Closing Bell."
Goldman Sachs upped its gold price forecast to $1,300 on Friday after Thursday's Brexit vote sent the price soaring. The precious metal was trading around $1,330 in afternoon trading Monday.
Currie said he still views gold as a very good hedge against the continued political uncertainty.
Meanwhile, oil prices have fallen thanks to a rallying dollar and continued market qualms over the Brexit vote.
traded at $47.56, down 85 cents or 1.76 percent in after hours trading, while U.S. crude settled at $46.33, down $1.31 or 2.75 percent.
Currie expects oil to continue to trade in the $45 to $50 range because he doesn't see fallout from the U.K. decision having a substantial impact on the crude market.
— Reuters contributed to this report.