Macroeconomic uncertainties and mounting geopolitical tensions have given gold — the classic “safe haven” asset — a boost. Gold prices topped $2,400 an ounce in April as tensions in the Middle East escalated. Spot gold is currently trading around 12% higher over the year to date. Kevin Teng, CEO of wealth manager Wrise Wealth Management Singapore, said he expects the precious metal to yield substantive returns in the long term. “Gold is certainly still in the early innings from a multi-year perspective, and investors can consider allocating a portion of their portfolio to gold due to its long-term potential,” he told CNBC Pro. Admitting that he would not exactly “classify [him]self as a goldbug,” Teng pointed out that the “importance of including gold in one’s portfolio cannot be undermined to navigate these uncertain times in pursuit of long-term wealth preservation and growth.” Gold stocks Among Teng’s top gold picks is Canadian miner Barrick Gold . “Investing in Barrick Gold is an appealing opportunity due to its strong earnings and revenue growth forecasts, with analysts suggesting a year-over-year increase of 14.3% for the current quarter, 7.1% for the current fiscal year, and a substantial 43.3% for the next fiscal year,” he said. Other merits Teng flagged include the company’s history of beating estimates, which he sees as an “indication of strong operational performance and potentially favorable surprises for investors.” Another mining company on the wealth manager’s radar is Newmont Corporation . ” Newmont surpassed Wall Street estimates for first-quarter profits on Apr. 25, benefitting from strong production and higher sales as the world’s largest gold miner. This, indeed, presents a promising outlook for investors seeking to capitalize on the bullish momentum in the gold sector,” Teng said. Elsewhere, Will McDonough, CEO of merchant bank Corestone Capital, said he’s betting on Coeur Mining and Hecla Mining , both of which are listed on the New York Stock Exchange. “I don’t think one stock is better than the other, but it’s nice to have a balance of both because they allow for exposure to geographic and value chain diversity,” he told CNBC Pro on Apr. 25. McDonough is also bullish on Australian miner BHP , calling it a “smart name to hold just because it’s very diversified and is heavily exposed to gold.” Gold ETFs Aside from stocks, Teng recommended that investors consider exchange-traded funds (ETFs) as a good way to gain exposure to the yellow metal. “ETFs are highly liquid and can be bought and sold daily on the open market, making it easy to adjust a portfolio’s gold exposure when needed,” he said. “This flexibility makes ETFs an attractive option for investors during periods of economic uncertainty while maintaining portfolio diversification. He added that ETFs with exposure to the mining sector were an “attractive option,” highlighting the VanEck Gold Miners ETF ( GDX ) and VanEck Junior Gold Miners ETF ( GDXJ ). Both are around 10% higher over the year to date. While Teng is bullish on specific stocks within the ETFs, he notes that they broadly capture “the most popular large-cap and mid-cap gold miners funds,” thereby offering a “relative balance in one’s gold portfolio.”