Gold and other commodities are justified at current pricing levels and aren't exhibiting bubble-like characteristics when macro variables are taken into account, a senior analyst at Goldman Sachs told Dow Jones Newswires.

"Interest rates on a nominal basis have been relatively flat while inflation expectations have been rising, putting downward pressure on real interest rates, which in turn has been putting upward pressure on gold prices," said Jeff Currie, head of global commodities research at the US bank. "So the gold market looks relatively fair valued when you put it in the context of real interest rates," he added in a recent interview.