Gold drops marginally; set for yearly gains

Gold Futures dropped marginally at the MCX with Futures for February delivery trading down by Rs 8 at Rs 30,905.

Internationally, spot gold was trading at $1656 an ounce and was around the lowest levels in the last four months, Despite the level, gold is likely to end the year with gains, rising for the 12th year in succession.

Low interest rates across the globe and easing measures have seen gold rally this year and analysts expect gold to remain steady into the next year.

The last few days of the calendar year is likely to see thin trading due to the holiday and festive season.

Analysts believe that gold could rally should there be a solution to the fiscal cliff in the US.

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