Dollar denominated oil has fallen more than 58% since summer of 2014.
Euro drops to a near 11-year low against the US dollar on 26 January.
US crude in the $26-$30 price range will signal that a global recession is inevitable, according to a Convergex survey.
Spot gold prices have gained some 10% so far this year.
Brent crude, the European benchmark, traded at about $110 a barrel a year ago.
Russia previously cut off gas supplies to Ukraine amid rising political tensions between neighbours.
No change expected in Saudi oil policy following death of King Abdullah bin Abdulaziz al-Saud.
BP chief executive Bob Dudley has said he expects oil to remain low for up to three years.
Oman first non-Opec member to criticise the oil cartel's output policy.
New Delhi could cut India's record high gold import duty in the budget to be presented on 28 February.
Janjuah voices concerns about the US, whose energy industry grew on the back of its shale oil and gas boom.
Global crude oil market remains 'considerably oversupplied' keeping prices under pressure.
Markets to track the ECB's monetary policy decision, due out on 22 January, to see how it influences gold prices.
Gold prices have gained over 6% so far this month amid volatility in financial markets, triggered by SNB decision.
Brent crude will average $55/bbl in 2015, $65/bbl in 2016 and $80 in the medium term.