Gold price has seen sudden drop recently. The slide for the precious metal, however, comes as a seasonally strong period of buying in precious metals is expected to commence, analysts said.
Last week, the metal rose 0.9%, leading to a 2.9% monthly climb, and prices advanced around 4% in the final three months of the year. Gold futures based on the most-active contract notched the sharpest yearly drop down since the metal ended down over.
Metals markets were open on Friday on New Year’s Eve but some international markets remain closed in observance of the New Year’s Day holiday. For now experts said “Cautious optimism in gold.”