Gold is still relatively cheap and could surge back toward its all-time high

Gold last traded at $1,872 an ounce. Silver at $27.30 an ounce.

NEWS SUMMARY: Precious metal prices steadied near 4-month highs Friday despite a firmer dollar. U.S. stocks traded mixed as the tech sector came under pressure again amid another drop in bitcoin price.

Strategist/CNBC--"Gold is still a 'relatively cheap' investment opportunity and could keep rising even if it soon topped $1,900 per troy ounce, one strategist said Thursday.

TD Securities head of global strategy Richard Kelly told CNBC’s 'Street Signs Europe' that 'gold had a phenomenal run-up over the course of last year, and when that reversed, I think it scared a few investors off.' The spot gold price hit an all-time high of $2,063 per troy ounce in August last year....

Kelly also noted gold’s relation to the U.S. dollar. Since gold is typically priced in dollars, any fall in the greenback could lead to higher gold prices.

Kelly believes that the dollar - and even other major currencies like the euro - were now looking 'rich' on a relative basis, suggesting a possible dip against the price of gold.

'Gold is relatively cheap so when you’re trying to think about that positioning, gold is definitely one that still has catch-up potential,' Kelly told CNBC."