According to sushil Finance, gold prices are likely to trade negative on the back of US interest rate outlook.
Gold
Gold rebounded from a two-day loss on Friday as a sharp slowing in U.S. fourth-quarter economic growth boosted the precious metal's safehaven value, helping it post its best monthly gain in three years in January.
A powerful rally in oil prices late on Friday added to gold's gains as some investors concerned about potential inflation bought into the yellow metal.
Gold could remain strong in the near term from worries about European instability even as the dollar remained strong, traders said.
Spot gold posted an 8 percent gain for the month, its most since January 2012, helped by the Swiss National Bank's decision this month to scrap the franc's peg to the euro. The European Central Bank has also said it would pump billions into the economy.
Gold prices ran up after the U.S. Commerce Department reported that U.S. gross domestic product expanded at a 2.6 percent annual pace in the fourth quarter, just about half of the third quarter's 5 percent rate. Expectations that the Federal Reserve might hike rates sometime this year, the first time in nearly a decade, was a longer-term worry for gold bugs, analysts said.
Outlook
We expect gold prices are likely to trade negative on the back of US interest rate outlook.
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