The Financial Post reports in its Friday, Jan. 2, edition that gold posted a second straight year of losses for the first time since 1998 as steady declines this week erased a late-year surge.
The Post's John Shmuel writes that most analysts are bearish on gold prices over the next 12 months.
The economic recovery in the United States and strengthening U.S. dollar are two main factors that will likely hold gold prices down for most of 2015.
RBC Capital Markets analyst George Sero says, "The improving U.S. economy, the continued better labor picture, the lack of inflation, very strong stocks and the very strong dollar weighed on gold this year."
One of the more prominent bear calls for gold in 2015 comes from Goldman Sachs, which believes the yellow metal will dip to $1,050 an ounce. Other bears include analysts at Credit Suisse Group and Societe Generale.
Many analysts during 2014 turned bearish on the precious metal because of the surprising rebound in the U.S. economy. As a result, gold suffered as investors gained confidence in the U.S. recovery and opted for riskier assets such as stocks.
Dennis Gartman, however, recommends holding gold in places where currencies are expected to weaken next year.
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