Although gold has been up as much as 22 per cent this year, with gold futures at more than $1,337, some private bankers see cause for concern, according to Reuters.

"We're not really recommending gold right now, just because it's at a level where there are things driving it beyond the types of things [where] we can add a lot of value," US Trust president Keith Banks told the Reuters Global Private Banking Summit in New York.

"So what exactly is leading to gold at the levels it's at? Your guess is as good as mine," said Banks, who runs the Bank of America private banking business.

Strategists at wealth management firms continue to debate the case for holding gold as a wealth-protection asset in times of economic stress. As reported elsewhere by this publication today, Rothschild Private Banking & Trust, the UK-based private bank, is recommending clients stay overweight gold, for example.