Gold Little Changed in New Year’s Eve Trade, Should You Buy in the New Year?

Gold Little Changed in New Year's Eve Trade, Should You Buy in the New Year?

Gold prices struggled for direction in quiet trade on the last trading session of the year, undermined by a robust dollar and prospects of higher US interest rates.

In recent trade, gold for February delivery on the Comex inched up $1.00, or 0.09%, to trade at $1,060.80 a troy ounce.

A day earlier, gold fell $8.20, or 0.77%, to end at a two-week low. Prices plunged to a more than five-year low of $1,046.80 on Dec 3.

Spot gold edged up 0.1 per cent to $1,062.20 an ounce. Volumes were thin ahead of the new year holiday on Friday.

Bullion is on course to publish an annual decline of approximately 11% in 2015, the third consecutive annual loss, such as speculation about the timing of a dominated sentiment rate hike by the Federal Reserve during most of the year.

With the first rate hike in the United States since 2006 out of the way, investors now target the pace of future rate increases. The Fed, in its forecast four hikes in rates is expected next year.

Historically, soaring interest rates are some bad news for gold, which unable to compete with the rising interest rates offered by other assets.

Other valuable metals also have been hit by the strong dollar and falling gold, and went to sharp annual declines.

The outlook for the metal is not bullish heading into next year.

At the Multi Commodity Exchange, gold prices for delivery in February 2016 fell by Rs 49, or 0.20 per cent, to Rs 24,933 per ten grams.

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