Gold headed for worst performance since 1981
While gold gained for a third straight session Friday, the metal bulls don’t have other reasons to smile, as the yellow metal has lost about 28% its value this year and looks certain to record its worst performance in 30 years.
Gold futures for February delivery were up in New York 0.2% to $1,215.10 an ounce at 9:55 am ET. Prices improved 1.3% in the previous two sessions, but bullion is still set to drop for the fourth consecutive month.
To add to the bad news, analysts are predicting that a fast rebound seems unlikely. Investment bank UBS, for instance, expects the price of the metal to remain at or below current levels for the next few years, ending at $1,210 in 2017