Gold slid to $1,072.80 (-0.29%) despite a softer dollar as oil prices failed to sustain recent gains, which were triggered by the latest report on U.S. crude oil inventories. This week trading is likely to remain thin. Markets in many countries are still closed today and will be closed on Friday too due to New Year celebrations.

Some analysts expect gold to trade lower and decline to $1,000 an ounce at the beginning of 2016 amid prospects of further rate hikes by the Federal Reserve.