Simon Derrick, chief currency strategist at Bank of New York Mellon in the U.K., also said he expects to see a weaker U.S. dollar, which will help boost gold prices.

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"In the year ahead, food retailing is going to be under severe price pressure as all the main U.K. supermarkets strive for market share by cutting price, " said Cantor Fitzgerald's chief global equity strategist, Stephen Pope.

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