Gold's price rally has been a product of demand-side economics, and there is still a considerable amount of interest in gold that is not fully tapped, according to Tom Brady, chief economist at Newmont Mining.

"The trend that we've seen over the last couple of years has continued, this was very much an investor-driven market since 2016," Brady told Kitco News on the sidelines of the Mines & Money New York conference.

Brady noted that in order for gold to break out of its current trading range, heightened economic uncertainty and geopolitical risks will need to grab investors' attention.

"We're just at a heightened level of economic uncertainty in the U.S. and abroad, and that is really continuing investors' interest in safe havens and gold," he said.

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This article is commentary by an independent contributor. At the time of publication, the author held TK positions in the stocks mentioned.