SHANGHAI, Jan. 7 (SMM) – The dollar has a strong start to the year of 2015, with the US dollar index climbing above 91. Gold market, however, also posted strong gains.  

Will gains in gold market continue? 

“Recent gains in gold market are mainly because of tumbling oil prices and Greece possibly leaving the eurozone after January’s election, but holdings in gold ETFs stay at the lowest level since 2011’s high,” an analyst from Dayou Futures told SMM in an interview. 

The gold market failed to reverse its downward track in 2012 after safe-haven demand, spurred by European crisis, receded, he added.  

Another analyst from Zhaojin Futures, however, expects gold price to continue rising in the short run, believing seasonal-demand in China ahead of the Chinese New Year holiday will boost gold prices, in addition to oil and Greek factors.