JPMorgan has found evidence that the market is already worried about central bank independence, with gold futures showing signs of a "Fed inflation trade."

Market watchers told CNBC they see more upside ahead for the precious metal.

"Gold is a store of value that doesn’t rely on institutional trust,” Samantha Dart says.

JPMorgan has found evidence that the market is already worried about central bank independence, with gold futures showing signs of a "Fed inflation trade."