Luc Luyet, coin strategist at Pictet Wealth Management, said gold prices may fall back in the short term after the recent big pump, but they will not lose their luster in the long term. Gold may be vulnerable to deteriorating jewellery demand, Central Bank purchases, and high opportunity costs. However, he said any price pullback could find support around $2,100-$2,200 an ounce, given the long behind the pump of gold. Gold remains attractive in the long term, as central banks appear to continue to ramp up purchases. He said Pictet's current estimate of US$2,350 an ounce for gold over the next 12 months is a bit timid compared to the current gold price, and could be revised upwards once demand in Asia becomes clearer.