Warren Gilman, chairman and CEO of CEF Holdings, the told CNBC's "Squawk Box" that he thought gold had seen its highs for 2016. CEF is a Hong Kong-based investment firm owned by billionaire Li Ka-shing's Chueng Kong Holdings and Canadian Imperial Bank of Commerce.
"Gold still has a problem with the concept of rising interest rates," Gilman said. "You see it every time; you have a deferral of this decision and gold has this wonderful relief rally, but [it will come off]."
Spot gold prices hit a two-week high of $1,336.8 an ounce after the Fed said on Wednesday that it would keep rates steady, and traded around $1,333 an ounce in early Asian trade.
"If we're looking at points of entry, times to make additional investment, I think right now, gold has probably gotten a little bit ahead of itself," Gilman said.