New Delhi, Feb. 4 -- Ace investor Ray Dalio on Tuesday backed gold as the best place to store money, as prices of the precious metal saw a strong rebound following a momentary dip amid selloff.

Talking to CNBC at the World Governments Summit in Dubai, United Arab Emirates, Dalio called gold investment safe as it "does not change by the day".

Dalio's comments came at a time when gold price saw a historic selloff, dragging prices lower across the board.

"Gold is up about 65% from a year ago, and down about 16% from its high, and I think people make the mistake of thinking, is it going to go up and down, and should I buy it?" Ray Dalio said.

Instead of thinking about buying it, central banks and sovereign wealth funds should ask how much...