Gold Prices Outlook 2015

The price of gold during the year 2015 had fallen around 10%, dominated sentimentworries rising U.S. interest rates, which eventually happened in December.

At the close of trade Thursday despite earlier (31/12), the price of gold slumpe deroded the strengthening dollar and crude oil prices  go down. This doubled the precious metal is on track for a third consecutive annual loss.

The price of spot gold slumped 0.8 percent to 1, 060.26 dollars a troy ounce, while U.S. gold futures prices down $ 8.20 per on 1, 059.80 dollars per troy oz.

Other precious metals also fell, the price of platinum was down 2 per cent at $ 869.51 an ounce after reaching a two-week low of $ 850.50 an ounce, after falling through technical support levels around $ 860.

With the data mover small market this week, traders of gold will rely on cues from the currency and oil markets, said analysts.

The dollar rose against a basket of 0.05 percent currency and was heading a 10 percent annual increase, making gold more expensive for holders of foreign currencies.

The steps of the U.S. Federal Reserve to raise interest rates for the first time in almost a decade this month and an indication that the central bank will continue the gradualimprovement by 2016, making the prospect of a gold does not look bullish.

Gold usually follows the price of oil which is often seen as a hedge against oil-ledinflation.

Brent crude oil retreated to positions 11-year lows on Wednesday as Saudi Arabia's oil Minister made it clear the Kingdom had no plans to back reducing the scale of production.

Meanwhile the price of silver fell 1 cent to $ 13.81 per ounce, on track for a 12 percent annual decline, while Palladium prices lost 2 per cent to $ 543.50 per ounce. The metalis heading the first annual loss in four years, down almost 30 percent.