Gold facing first annual price drop since 2000
LONDON (AFP) - Barring a late price surge, gold's value will suffer its first annual drop since the start of the millennium, while the precious metal risks further losses in 2014.
Gold stood at US$1,205 (S$1,525) an ounce Friday on the London Bullion Market, down almost 27 percent in 2013 on weaker demand and easing inflation - snapping twelve years of uninterrupted annual price growth.
That leaves gold, whose twin drivers are jewellery demand and investment buying, set for its the first annual price loss since 2000 when its value had fallen by 5.6 percent.
"There are two distinct factors behind the gold price decline this year," Macquarie banking group analyst Matthew Turner told AFP.