Gold fell on Monday to flirt with recent multiweek lows, with trade proving volatile in the quite holiday season and an analysts predicted further dollar strength would pressure prices in the New Year.
MCX Commodity Tips
Gold traded at $1104.80 on ounce at 1459 GMT. Last week gold fell below a psychological support level of $1100 to a six week low of $1094.50 losing grip of a record high above $1226 hit on December 3.
Nobody is going to put on fresh position at this time of year said Robin Bhar an analyst at Calyon. He said that prices were likely to continue to correct early next year. There will be a better time to buy he said adding that longer term the gold rally still has more steam left.
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