Bloomberg reports gold for February delivery declined 0.1 percent to $1,211.50 an ounce by 6:46 a.m. on the Comex in New York. Overall, gold has dipped 3.1 percent so far this month, putting the yellowish metal on track for its fourth straight monthly drop.
Edward Meir, analyst at INTL FCStone in New York, noted that the downward trend would likely continue at least for the time being.
"Stronger equity markets, better global growth readings and the absence of inflation, all combine to keep the pressure," Meir wrote in a note, according to Bloomberg. "We suspect we will see weaker prices over the short-term."
Gold's 28 percent decline this year would be the largest annual decrease since 1981, Bloomberg notes. In the next few years, analysts don't expect much brighter prospects. The Financial Times reports recent forecasts from UBS indicate the price of gold will remain the same or lower over the next few years, with the projections at $1,210 for 2017.
"The struggle for gold not only rests with the predominant selling interest among investors currently, but with limited positive catalysts going forward, gold is unlikely to regain its former appeal," UBS said in a recent note, according to the Financial Times.
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