New Delhi, March 31 -- Gold hasn't been much of a safe haven during the Iran war and the resulting energy shock, but its March slump may just be a temporary blip, according to one Wall Street strategist.

Mark Haefele, chief investment officer for UBS Global Wealth Management, stood by his bullish estimates for gold in a research note this week. The precious metal will rise 35% to $6,200 an ounce by the end of June, before scaling back to $5,900 an ounce by the end of the year, UBS forecast.

Gold continuous futures stood at around $4,580 an ounce early Tuesday morning, down 13% since the U.S. and Israel first attacked Iran on Feb. 28.

Most of that drop came in a brutal five-day stretch ended March 24. It was one of the largest falls ove...