The gold price is likely to head lower over the course of the next week, with the US dollar gaining strength likely the biggest influence, S&P Global Platts gold survey respondents said Friday.
Participants estimated prices in a range of $1,300-$1,305/oz, from $1,310-$1,320/oz January 5 -- the date the survey was last published.
The London Bullion Market Association gold price, administered by IBA, settled Friday morning at $1,335.80/oz, having started the year at $1,312.80/oz. The price closed 2017 at $1,296.50/oz.
The LBMA price settled a week ago at $1,332.90/oz.
Some in the market see the recent sell-off in cryptocurrency Bitcoin as a benefit for gold.
Bitcoin is currently trading around $12,000, having dropped from the frothy heights of near $20,000 seen recently.
"Investors who saw Bitcoin as an alternative to gold could change their minds now and buy more gold again," said Commerzbank this week.
Neil Wilson, analyst at spread bet firm ETX, said Wednesday: "Bitcoin's break below $10,000 marked an important breach of key technical and psychological levels. The move means we have seen a 50% fall from the December peak when it was threatening $20,000."
Gold had been performing well at the start of 2018 in the face of a reasonably supported dollar and outperforming equity markets, one source said.
Looking at global economic trends, lobby group the World Gold Council said it saw "continued and synchronized global economic growth, underpinning global gold demand. Key watch points include the evolving nature and expansion of China's economy, and the expected positive effects of recent policies introduced in India on the nation's gold market."
It added that a continued drive in gold market transparency, efficiency and access, particularly around the potential for an Indian spot exchange, will also likely be bullish for the 2018 gold price story.
When it comes to physical activity in the world's No.1 consumer China, ANZ told clients: "Signs of positive physical demand in China continue to provide some support for prices. Reports from Chinese jewelers suggest demand leading into this year's Lunar New Year is strong."
Still, a senior banking source said premiums on the Shanghai Gold Exchange remain steady at $8-$9/oz, "which is surprising given the stronger dollar price."
Over in India it has been a poor week for physical demand.
The Platts Gold Premium India 995 dropped to minus $10/oz this week, with indications Friday of a range of minus $4-$10/oz countrywide.
Local refiners have closed for annual care and maintenance.
"The market is very cool," said one major wholesaler in Gujurat.
Many sources, from bankers to brokers, described the local market as dead.
