Gold's sharp selloff may have pushed the metal firmly into bear market territory, but some market veterans are sticking to ambitious long-term forecasts.

Bullion extended its slide Tuesday, with spot prices falling as much as 2% before trimming losses to trade down 1.5% at $4,335.97 an ounce. Futures dropped about 2% to $4,317.80, while silver also declined.

The move leaves gold — down roughly 21% from its late-January peak of $5,594.82 — firmly in a bear market.

For many strategists, the recent slump reflects short-term dislocations rather than any shift in gold's underlying fundamentals. Persistent geopolitical risks, strong central bank demand and the prospect of a weaker U.S. dollar continue to underpin a structural bull case for the metal. Gold is traditionally seen as a safe haven by investors during times of instability.

"We are sticking with $10,000 by the end of the decade," Ed Yardeni, president of Yardeni Research told CNBC via email, even as he lowered his year-end forecast to $5,000 per ounce from $6,000 — which is still up around 15% from current levels.

The latest leg lower came as investors unwound positions amid a stronger U.S. dollar and tentative signs of easing geopolitical tensions after U.S. President Donald Trump said on Monday he had ordered a five-day pause on planned strikes against Iran's energy infrastructure.

The U.S. dollar has been strengthening, which might have triggered profit-taking in gold, said market participants.