Gold prices will reach the 1400 per ounce level later this year, according to experts on the precious metal. They say the rise in  gold prices will be enhanced by the Federal Reserves' less aggressive position on interest rates, CNBC reported Tuesday.

In an attempt to diversify reserves away from currencies, several major central banks have been buying gold at a level not seen in half a century. China increased its reserves to 60.62 million ounces by the end of March, up 0.6 percent. Turkey as well has largely increased its gold reserves.

Furthermore, there are lingering concerns over the global economy amid the ongoing trade tensions between the United States and China. The uncertainties that these tensions create could pull investors to invest in gold, which is considered a safe haven. During turbulence, the precious metal prices tend to maintain or even increase their value.

According to the experts quoted by CNBC, these factors will most likely drive up the gold prices.

At the time of writing this article on Tuesday, spot gold was trading at $1,286.90 per ounce. U.S. futures were trading at 1,286.45 an ounce.

Source: CNBC