Reuters reported that gold prices edged up a slightly in response to a flat dollar and slightly firmer oil prices. However, gold is still on track for its third straight year of losses.

According to Reuters:

Gold is likely to end 2015 down nearly 10 percent, mostly due to expectations that higher U.S. interest rates will hit demand for the non-interest-paying metal.

Spot gold rose 0.2 percent to $1,070.50 an ounce by 1245 GMT, after losing 0.6 percent in the previous session. Volumes were thin in the last trading week of the year.

INTL FCStone analyst Edward Meir told Reuters:

Over the short-term, the precious metal will likely trend sideways, as funds look to close out the year and contemplate heading into next year with a fresh slate.

Meanwhile, ABN Amro analyst Georgette Boele commented:

Gold’s downtrend is likely to continue throughout 2016… there are going to be more U.S. rate hikes than the market is anticipating the next year.

Click here to view the full report. 

The post Gold Gains on Flat Dollar appeared first on Investing News Network.