Gold prices have rebounded 5 percent from their four-year low of Nov. 7, and Peter Boockvar, chief market analyst for The Lindsey Group, sees room for the precious metal to keep rising.

"I've tried to call the bottom too many times over the past year-plus. I'm doing so again today," he wrote Thursday in a commentary obtained by Barron's.

December gold futures traded at $1,189 an ounce around mid-day Thursday on the Comex. They slumped to $1,130.40 Nov. 7.

Gold has suffered in recent weeks from the dollar's strength and focus on the timing of Federal Reserve interest rate increases.

But the precious metal will benefit from central bank easing around the globe, Boockvar says.
"Bottom line, gold is money and is not just a contra dollar play," he wrote "It is a contra fiat currency asset in a world where fiat currencies are being created to an extent the world has never seen."

The Russian central bank is playing a supporting role for gold. It has bought approximately 150 metric tons of gold this year, bank Governor Elvira Nabiullina told the country's lawmakers Tuesday, Bloomberg reports.

That compares with purchases of about 77 metric tons in 2013, according to the International Monetary Fund. It would also mean the central bank has acquired approximately 35 tons since Sept. 30, according to Bloomberg.

"The fact that Russia is buying more gold instead of diversifying into another currency or buying more dollars is a big positive," Frank Lesh, a trader at FuturePath Trading, tells the news service.

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