Gold ended with negative returns in 2015 for the third year in a row. In rupee terms, spot gold ended with 6 per cent negative returns in 2015 and around 8.5 per cent negative CAGR during 2013-15.We expect calendar 2016 to be no different with gold maintaining its weak trend.Here are the top five factors that would continue to put pressure on gold this year.The dollar is at its strongest in 10 years and is getting stronger as the rest of the world currencies are turning weak. The US central bank has moved towards tightening the monetary policy after almost nine years and there is a high chance that it will continue to hike rates in 2016.This would lead to an increase in demand for dollar and put pressure on prices of correlated commodities such as gold, silver, oil and copper.Demand for gold from India, one of the largest importing countries, is likely to fall leading to a dent on gold demand and consequently its price.The gold monetisation scheme of the current government (if it succeeds), where it plans to recycle existing gold holding of Indian households and temples, will cut India’s gold imports substantially. This will impact gold prices even more.The demand for gold is expected to fall as Indian households are moving away from physical investment to financial instruments like fixed deposits, bonds and equity on the backdrop of improved economic growth and negative returns by gold in last three years. Savings in financial instruments have increased from roughly 35 per cent to upwards of 40 per cent in the last two years.Gold is popularly perceived as a hedge against inflation. But most global economies are in a deflationary mode and the possibility of fuelling inflation in the coming few months is remote. Therefore, the desire to hold gold is expected to be less.(The author is Managing Director- AnandRathi Financial Services. Views and recommendations given in this section are his own and do not represent those of EconomicTimes.com.)