Gold futures may climb toward $1,400 by end of year: analyst

Gold futures still have room to climb this year even as the Federal Reserve seesaws between a dovish and hawkish stance on monetary policy. Prices for the yellow metal may make "another try" at the $1,400-an-ounce level later this year, George Milling-Stanley, head of gold investment strategy at State Street Global Advisors, said in a TV interview with CNBC. He said he can't guarantee a rate increase at all, with the Fed appearing to be "dovish one day and hawish another" day. He expects gold to see muted trading for the rest of the year but despite that, prices may still see another $50, $60 or $70 rise. Also on CNBC, Tom McClellan, editor of The McClellan Market Report, said next year and 2018 should be "hugely bullish" for gold. On Tuesday, December gold fell $10.60, or 0.8%, to settle at $1,316.50 an ounce-a two-month low.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.