While gold has stagnated recently, fluctuating in a range of $1,250 to $1,350 an ounce since mid-March, Robert McEwen, chief owner of McEwen Mining, hasn't given up on the precious metal.

"I'm a long-term believer in gold, and I see it ultimately getting to $5,000," he tells CNBC. "Anything short of that, I wouldn't be hedging."

He thinks gold will reach that level within the next four years.

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The "armed conflict going on around the world" will help to boost the metal, explains McEwen, founder and former chairman and CEO of GoldCorp.

Others agree.

"Safe-haven bids [for gold] continue to come in because of the geopolitical developments," Phil Streible, a senior commodity broker at R.J. O'Brien & Associates, tells Bloomberg.

Gold for immediate delivery was little changed at $1,313.18 an ounce near midday Friday in London. Prices which rose 0.3 percent this week, reached $1,322.76 on Aug. 8, the highest since July 18.

Meanwhile, global gold demand dropped 16 percent in the second quarter from a year earlier amid falling sales of jewelry, coins and bars, according to the World Gold Council (WGC).

But Marcus Grubb, WGC's managing director for investment, sees things getting better for the rest of the year.

The autumn Hindu festival Diwali, a time of heavy buying in India, and stocking for the Chinese New Year will help gold demand, he said, according to Reuters.

"You are going to see a better picture develop in these figures later in the year, . . . though it will still be a lower year than last year."

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