Experts: Gold could hit $1400 by the end of the year

Gold prices could move higher later this year on the back of Fed dovishness on interest rates, purchases from central banks and lingering global uncertainties, said Martin Huxley, global head of precious metals at financial services firm INTL FCStone.

Huxley told that gold could "grind higher" in the second half of the year and possibly reach $1,400 an ounce.

A key factor boosting gold is the U.S. central bank's signal that there will be no interest rate hikes this year which "will be supportive for the precious metals sector," he said.

Gold is poised to move higher later this year, powered by the Federal Reserve's less aggressive stance on interest rates and lingering global uncertainties, a precious metals expert said Tuesday.

Central banks have been buying gold at levels not seen in 50 years , as part of a broader diversification of reserves away from currencies including the U.S. dollar.

Concerns over the global economy and geopolitical issues including the trade war between the United States and China have added to uncertainty, which often benefits gold that's considered a safe haven — or assets that tend to retain or increase their value even during market turbulence.

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