COMEX gold trades near $1295/oz today and is set to end the year 2017 with a modest gain of about 12%.
Gold rose this year on back of weaker US dollar. The US dollar index slumped nearly 9% on flattening yield curve and uncertainty about Fed's monetary policy.
Gold managed to gain in 2017 despite record high rally in equity markets and slack ETF buying interest
The year 2018 could see gold trading in a broad range with both positive and negative factors in place. Global growth momentum remains firm and this will challenge any major rise in gold price. On the flip side, cautious tone of major central bank on monetary tightening could keep a floor to price. ETF flows may not be a major price determining factor.