The price of gold closed out its worst year since 1981 Tuesday as the U.S. economy improved, inflation remained at bay and worries about the financial system and gridlock in Washington faded.
Gold slumped 28 percent in 2013. The price peaked at $1,900 an ounce in August 2011 and has been declining more or less steadily ever since.
Traders had bid the price of gold higher partly out of fear that the Federal Reserve's aggressive easy-money policies would lead to inflation and weaken the U.S. dollar. When that didn't happen, demand for gold fell.
On Tuesday, the actively traded February contract for gold fell $1.50, or 0.1 percent, to $1,202.30 an ounce.
Silver for March delivery declined 24.5 cents, or 1.2 percent, to $19.37 an ounce. Silver also had a bad year, falling 36 percent.
In other metals trading:
— Copper for March delivery rose 1.4 cents, or 0.4 percent, to $3.3965 a pound. Copper fell 7 percent for the year.
— Platinum for April delivery rose $6.60, or 0.5 percent, to $1,373.80 an ounce. It's down 11 percent for the year.
— Palladium for March delivery rose $7.50, or 1 percent, to $718.30 an ounce. For the year, it's up 2 percent.