Bart Melek, vice president and head of commodity research with TD Securities, also likes PGMs in the long term.

FORBES: Gold Seen Outshining Other Precious Metals In Coming Months Before PGMs Gain More Luster

Bart Melek, vice president and head of commodities research with TD Securities, also looks for gold to trade sideways for a little.

FORBES: Gold Choppy But Range-Bound After Bernanke Speech

Bart Melek, head of commodity strategy with TDS Securities, echoed similar sentiments, characterizing the upward GDP revision as unusually large for a third estimate by the government.

FORBES: Focus: Metals Slump On Year-End Liquidation, Scaled-Back Fed Expectations After GDP

Bart Melek, vice president and director, head of commodity strategy, rates and foreign exchange research at TD Securities, said just chatter from Iran and Israel could push the risk premium on crude higher.

FORBES: FOCUS: IAEA Report On Iran's Nuclear Programs Not Influencing Markets Yet

Bart Melek, vice president and director head of commodity strategy, rates and foreign exchange research at TD Securities, said that change in strategy by the Fed to outright purchases is supportive to gold.

FORBES: FOCUS: Fed Likely To Increase Balance Sheet Funding At FOMC Meeting; Supportive To Gold

Meanwhile, Bart Melek, head of commodity strategy for TD Securities, looks for gold to track other risk assets during the debate, meaning it would likely fall on a stand-off if markets like equities did likewise.

FORBES: FOCUS: Gold Market Focused On Fiscal Cliff--Safe Haven Or Risk Asset?

Often, traders have tended to take positions ahead of Fed releases or appearances in which market participants have factored in a greater likelihood of more QE, pointed out Bart Melek, director of commodity strategy, rates and foreign-exchange research for TD Securities.

FORBES: Gold Market to Focus On Bernanke, U.S. Data Next Week For Any Clues On Monetary Easing

All of this is supportive for gold prices, and it may prompt people to buy the yellow metal as an inflation hedge as worries that the current high oil prices will last into the summer, said Bart Melek, vice president and director, head of commodity strategy, rates and foreign exchange research and TD Securities.

FORBES: METALS OUTLOOK: Higher Gold Prices Seen For Next Week As Iran Tensions Lend Support