Gold has fallen for 3 straight years, but many don’t see a bottom

Gold futures last month fell to a more than six-year low and tallied a third consecutive year of declines. Many market participants, however, are still reluctant to call a bottom, and even last week’s rally to a two-month high wasn’t enough to convince a majority of analysts that the mid-December low under $1,050 an ounce will hold in the near term.

Gold futures GCG6, -0.07%  settled at $1,049.60 an ounce on Dec. 17, their lowest since October 2009, in the wake of the U.S. Federal Reserve’s first interest-rate increase in nearly 10 years and prospects for more increases in the new year. Gold finished the year with a 10.5% loss, its third yearly decline in a row.

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