Gold Has Worst Year in Three Decades

Gold is finishing 2013 more than 25 percent down—ending its 13-year string of gains and marking its worst performance in nearly three decades. 

At press time, the yellow metal was trading at $1,199 an ounce, below the $1,200 benchmark. Its closing price on Jan. 1, 2013, was $1,693 an ounce.

Analysts say that trading in the metal was hurt this year by the Federal Reserve’s decision to reduce its bond purchase program. In addition, a steep crash in April shook investors’ confidence in gold as a “safe haven.”

Some observers now predict further declines, with a Goldman Sachs analyst predicting it will hit $1,050 an ounce by the end of 2014.

JCK News Director