Economy, Business And Markets

Gold Starts Year Lower

Gold Starts Year LowerGold Starts Year Lower

Gold inched up on Friday as higher oil prices boosted its safe-haven appeal, but the metal looked set to post its third straight weekly loss, weighed down by a strong dollar. Gold prices will stay unchanged till Monday when prices will start moving again, head of Tehran’s gold and jewelers union said on Thursday. Bullion ended 2014 down nearly 2 percent, following a 28 percent slump the previous year, as its investment appeal tapered amid better-performing equities.  The Azadi bullion coin, on the other hand, ended the year 12 percent higher versus the rial as economic and political uncertainty and the strengthening dollar drove up prices. Chinese demand for physical gold is expected to remain consistent in 2015, but prices need to move higher to attract new buyers to the market place, according to a commodity analyst from ANZ Bank.