Another Advance for Gold

He points to ECRI's Weekly Leading Index, which logged a gain of 3.8% for the period ended Dec. 22, up from a rise of 3.4% the prior week. The figure marks the eighth consecutive increase in the indicator.

Achuthan says one possible scenario for next year is that the U.S. economy surprises on the upside and Europe on the downside. Such an occurrence may play in favor of the dollar, a result that could make the going tough for gold.

Turning to the technical analysis aspects, one chart watcher sees a continued upward trend for gold going forward.

"I think we'll see a test of the $650-to-$657-an-ounce level," says Larry Levin, president of Chicago-based SecretsOfTraders.com. He spies channel support at around $615 and resistance in the range of $640 to $643.

Turning to the base metals, Comex March copper contracts lost 2.4 cents to close at $2.871 a pound.

Shares of copper producer Phelps Dodge(PD Quote) followed the metal lower, off 0.2% recently.