An employee arranges one kilo of gold bars at Perth Mint Refinery in Perth, Australia, August 9, 2018.
Carla Gottgens | Bloomberg | Getty Images
Gold prices may continue to climb even after hitting a multi-year hike last week, a global investment strategist said Monday.
In fact, prices are set to "reach $ 2000 by the end of the year," predicted David Roche, president and global strategist on London's based independent strategy.
Spot gold prices hit $ 1
Gold prices have been on an upward trend over recent expectations of an interest rate level in the Federal Reserve and increased geopolitical concerns – conditions that can weigh on the stock market, according to Roche.
"In fact, I think the financial markets are now able to crumble like a sand pile," he told CNBC's "Squawk Box".
However, gold prices went down slightly on Monday, potentially responding to the US announcement on Friday that it had recorded stronger than expected non-wage earnings. That report claimed investors' expectations of a Fed price cut.
Despite that, Roche-projected gold prices would continue to rise, partly because international trade tensions will add to the negative feeling of stock market investors.
"I think the trade conflict with the US is a far broader global conflict, which will undermine the growth expectations of stock markets," he said.
Because of that prospect, Roche recommends that investors hold gold in their portfolios, along with some European interest rates and US Treasurys.