Gold prices spent much of the first half of the year correcting from an all-time high set in late January. Since hitting $5,354.80 a troy ounce back then, gold has tumbled 25% to a year-low of $4,008.80/oz in late June. But the macroeconomic picture may support a stronger appetite for gold going forward, says Louis Navellier of Navellier & Associates. "We got drawn into gold by the central bank buying pressure," explains Navellier, who says that prices could return to a level around $4,500/oz. The potential for increased quantitative easing by European central banks looks to be a supportive factor, he says. (kirk.maltais@wsj.com)