Investing.com -- UBS strategists Dominic Schnider and Giovanni Staunovo told investors in a note Tuesday that they should view pullbacks in gold toward $3,850 per ounce as opportunities to add exposure rather than reasons to turn bearish. While central bank demand has picked up again, the bank believes "it is not enough to push prices higher alone." UBS expects central bank purchases to remain elevated, within the 750-1,000 metric ton range for the full year, but said these flows alone are "insufficient to drive prices higher." Gold "remains worth holding from a diversification perspective," particularly for investors with a multi-generational outlook, UBS concluded. Related articlesUBS recommends adding gold exposure on pullbacks at this priceUS gas prices climb above $4 a gallon as oil surges amid Iran tensionsGoldman sees central bank demand providing a floor for gold prices