US gold futures for December delivery settled nearly 2 percent higher on the day. But a “longer-term decline” will likely follow Friday’s climb, which will limit opportunities for investors buying the metal, said Thomas Vitiello, principal at Aurum Options Strategies.
“I wouldn’t dip my toe in here,” he said on CNBC’s “Power Lunch.”
Short selling in response to the Fed may have contributed to the jump in gold prices Friday, Vitiello said. He added that it may otherwise remain stuck in a “sideways range.”