Gold prices suffered a sell-off on Friday after stronger-than-expected U.S. jobs report led to expectations of a U.S. Federal Reserve rate hike. But nonetheless, some analysts are still extremely bullish on gold prices
"I have been bullish on gold in non-U.S. dollar terms for years now," Dennis Gartman, Founder, Editor & Publisher of The Gartman Letter told CNBC on Monday.
"In terms of yen for four years, in terms of euro for 2.5 years and quietly in terms of U.S. dollar I have been neutral to slightly negative on gold."
Gartman said that while Friday was not a great day for him, he is still up nearly 6 percent for the year and will continue to remain bullish on gold in non-U.S. dollar terms. "The odds of monetary authorities in Japan and Europe becoming expansionary than the monetary authorities in the United States are demonstrably high and therefore I am going to earn that direction."
U.S. job creation crushed estimates in July as the economy added 255,000 positions, according to the Labor Department. Economists had estimated an increase of 180,000.
Following on, Gold prices lost nearly 2 percent in Friday's session. The precious metal slipped to a one-week low on Monday, down to $1.331.6, but up by more than 25 percent year-to-date.
"Gold traders reduced their positions and took some profit off the table as the odds of the US increasing the interest rate have become stronger. However, it is still very vague that when that take will place as the upcoming U.S. elections do have massive elements of uncertainty," Naeem Aslam, chief markets analyst at ThinkForex told CNBC via email.
With uncertainty about the timing of a rate hike in the U.S. and a fairly stronger economy looming, Gartman thinks buying gold in euro terms is better.