JPMorgan Chase Chief Executive Officer Jamie Dimon stated that he believes there is merit to holding gold, though he remained noncommittal about whether gold has become overvalued following its historic surge.

"I'm not a gold buyer — the cost of holding gold is 4%," Dimon said Tuesday at the Fortune Most Powerful Women Summit in Washington. "In this environment, gold could easily spike to $5,000 or even $10,000. This is one of the few times in my life where holding some gold in a portfolio is semi-rational."

Two years ago, gold was trading below $2,000, but this century gold has outpaced stock market gains, reflecting investor demand for safe-haven assets amid inflation concerns and geopolitical turbulence. Gold continued its upward trajectory on Tuesday, rising 0.8% to $4,142.94 per ounce, marking a 58% gain year-to-date.

"Asset prices are somewhat elevated," Dimon noted. "In my view, this currently affects virtually all sectors."

Last week, Citadel founder Ken Griffin remarked that investors are beginning to view gold as safer than the U.S. dollar, describing this trend as "truly concerning."