Gold is currently at $1,061.30 (+0.14%) on the last trading session of 2015. The precious metal is on track to post a nearly 10% decline this year amid a stronger dollar and expectations of higher interest rates in the U.S. Expectations of further rate hikes will put more pressure on bullion. Some analysts expect gold to trade lower and decline to $1,000 an ounce in 2016.

Low oil prices reduce inflation concerns and demand for gold, thus making bearish outlook for crude another factor to weigh on bullion.