Gold rally set to fizzle out: Expert

Gold stuck in sideways range: Pro

Gold rose on Friday a day after the Federal Reserve maintained near-zero interest rates, but investors should not gather up the metal just yet, one strategist said Friday.

U.S. 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."

Gold at near 3-week high as Fed rate decision weighs on equities