Tumbling rapidly, gold prices fell nearly 28% during 2013, making it the worst collapse in 30 years.
The precious metal was priced at $1,200 an ounce close to the end of the month.
Gold was flavour of the month whenever there was something threatening the economy, but that favouritism waned easily too. Analysts claim that gold was the worst-performing asset in 2013 and that equities have won out over gold.
The drop in demand was due in part to a change in policy of the US Federal Reserve which announced that it will taper its bond purchases by $10bn a month from next year.
The decision caused in immediate decline.
Central banks in other parts of the world have begun to implement the same policy, lessening their printing of money which has been the key policy used to help bring the developed world out of recession.
Over-production, especially among miners operating on low margins, was another major factor in lowering the value of gold. Output is likely to continue to increase to a record 3,000 tonnes in 2014, up from 2,860 in 2012.
