Panmure Gordon's Kieron Hodgson likened gold buying to a protest vote against the financial system, akin to voting for Republican presidential candidate Trump to protest against the mainstream political establishment.
"In my many regards I see the gold market and gold itself as a bit of a protest vote to the financial system as a whole," Hodgson told CNBC on Friday.
"It is almost like the Donald Trump of commodities: You don't want to be part of the fiat currency; you don't believe in the monetary stimulus; you don't believe in central bank policies, et cetera. You want that protest and gold seems to be the ideal sort of way to play that," he added.
Spot gold prices have leaped almost 30 percent this year, as terrorist attacks, huge volatility in oil prices, the U.K.'s shock vote to leave the European Union and diverging central bank policies have worried investors.
Hodgson said gold prices could yet top $1,500 per ounce, a key level last seen in 2013.
On Friday, spot gold was trading around $1,360.
"The answer (to the direction of the price of gold) is obviously going to be higher, because we have had an incredibly pessimistic week with regards to economic data and that has transpired through to a much more resilient outlook on the price of gold," Hodgson told CNBC.