Gold prices, which have been on a tear for most of 2016, appear to have peaked, according to one top market watcher.
This year's 24-percent rally in gold "was completely justified. It was kind of a perfect storm for gold," said RBC Capital Markets Commodity Strategist Christopher Louney on CNBC's "Futures Now" recently. Fears stemming from the U.K.'s vote to exit Europe, Federal Reserve policy jitters and worries about the economy appear to have run their course, Louney said.
Gold, a precious metal often seen as a safe haven for investors, has been losing its luster even since those risks and situations began to fade. Since hitting its high for the year on July 6, gold has dropped four percent.
"The majority of this rally was driven by two fundamental factors and they were both investor demand. So in our view, it really has been a one-legged rally," said Louney.