Investors are wondering whether it's too late to rush into gold.
There's still room to run for Victor Sperandeo, CEO of EAM Partners. He explained that the dollar and gold are negatively correlated and that the economic backdrop will send gold even higher.
"If you believe the dollar is going to come down because of weakness in GDP and weakness in the economy before the election, there'll be no increase in rates. Gold will go higher," Sperandeo said during an interview on "Closing Bell" on Wednesday.
The SPDR Gold Trust has already rallied more than 27 percent this year, said JJ Kinahan, chief strategist at TD Ameritrade. He explained during a Wednesday interview on "Closing Bell" that companies are starting to talk about growth during their earnings calls instead of focusing on how they'll streamline the business.
Gold assets are traditionally seen as a safe-haven investment amid market volatility and uncertainty. Kinahan also said that the Federal Reserve is feeling pressured and will likely have to raise interest rates to maintain its credibility.
"So I just think gold is going to be under pressure because of these reasons, and I find it hard to believe that we're going to get any breakout factor between now and the elections ... but as we look at the normal course of business, it seems hard to believe that between now and then people are going to rush into gold for some protection," he concluded.