The price of gold fell sharply yesterday amid strengthening of the US dollar, but also due to the low demand from investment funds and the weakening of gold consumption in Asia. Despite this demand for gold in China will be maintained by the expectation of the Chinese New Year. It is also worth noting the likelihood of increased interest in defensive assets such as gold due to the political crisis in Greece where parliamentary elections will be held on January 25. In addition, reducing the fear of falling stock markets and geopolitical risks may increase the demand for the yellow metal. We maintain our medium-term positive outlook for gold and recommend to build up long positions.