After hitting a four-year low, gold prices gained back some ground on Thursday, but some analyst predictions fear that the floor for next year's total prices may plummet further than initially expected.
A late slump in the dollar allowed the precious metal to gain back some value, Reuters reported. Spot gold was up 0.3 percent for a new total of $1,143.72 per ounce, though U.S. gold futures for December delivery fell by $2.20 for a new total of $1.143.50. However, despite the drop, that figure stood above the market's low point of $1,140 from Wednesday.
"We have the ECB today, and tomorrow the payrolls data in the United States, so this stabilization is to be expected after the big move we've seen," ABN Amro analyst Georgette Boele told the news source. "However, we think this is just a pause and we will see more losses ahead, mainly because of the dollar but also because of expectations that interest rates will start to move up."
More pressingly, the recently-seen selloff in gold is expected to only become more extreme in the near future as the dollar is expected to extend gains. Additional ABN Amro NV forecasts see the precious metal ending this year at just $1,100 an ounce, with the potential for a price as low as $800 by the end of 2015, according to Bloomberg.
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