Investor Barry Dawes of Martin Place Securities said that he expects gold prices to rise to $3,500 in the next 2 years.
"What is really significant is how quickly it went through that $1,923 which was the previous high," he said on CNBC.
Gold hit its highest ever level this week on a weakening dollar and rising tensions between US and China.
This week, Goldman Sachs also upgraded its 12-year forecast for gold to $2,300 up from $2,000 per ounce.
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Gold could hit as high as $3,500 in the next two years - a jump of 80% from current levels - a veteran investor said this week.
The highest level in history several times this week
Gold hit its highest level in history several times this week as investors flocked to safe haven assets in the wake of resurgence in coronavirus cases, and rising geopolitical tensions between US and China.
It closed just shy of $1,960 per ounce on Tuesday, its highest closing price ever, and it's rally it set to keep running, according to a number of analysts.
One of the most bullish is Barry Dawes, executive chairman at Martin Place Securities. Dawes told CNBC's "Street Signs Asia" on Tuesday that he sees the metal climbing almost 80% from current levels.
"What is really significant is how quickly it went through that $1,923 which was the previous high. The other thing which was … very, very important was the fact that it went through $1,800 and with similar ease," he said.
Dawes added: "I'm looking for $3,500 within two years."
Gold is trading around $1,957 per ounce in European morning trade. If Dawes' price predictions are realized, it means the precious metal would be 79% above where it is Wednesday.
Gold prices to explode further
Investors have also flocked to the safe-haven asset amid a weakening dollar and as investors assessed how a post-COVID 19 economic recovery will shape out.
Juerg Kiener, managing director of Swiss Asia Capital, also expects gold prices to explode further, he told CNBC's "Capital Connection."
"If you look at the technical picture, you could actually take this gap from the bottom up and going to the top, that gives you about $2,834 and that would be (an) initial target probably that you could achieve quite fast," he said.
"I think my longer term targets are significantly higher," he added.
Kiener pointed out that gold prices have historically jumped seven or eight times higher than their lowest levels.
"If your bottom structure was $1,050, times seven, that will give you about $8,000," Kiener added.
Source: Markets Business Insider