The glory days that gold enjoyed in 2011 were not mirrored in 2012. Come 2013, and there aren many hopes of a return to the metals brilliance as far as price performance goes.
Earlier this week, the international media went abuzz with golds slide to a one-month low, with low prices dampening investment appetite for the metal even more.
"Spot gold fell as much as 1.4 percent to $1,643.24 an ounce, its lowest since January 7. Selling accelerated as the metal broke below its late January low of $1,651.93," said an article in the Reuters published last Monday.
Emerging Asias strong influence over gold prices was felt once more. Key Asian giants - China, Japan, Korea, Hong Kong, Singapore - were closed for the Lunar New Year, prompting the decline in gold prices.
Besides Asian worries, the EU continued to contribute its side of the bears to the gold market. Spains corruption scandal surrounding Prime Minister Mariano Rajoys party, as well as Italys election contest - critical for the fate of the country as far as austerity measures go - have brought the dire economic conditions of the eurozone back to light. Needless to say, the gold bulls receded in the face of EUs economic doldrums.
Golds bearish spree is shared by other commodities such as Brent Oil and Copper as well.
Going forward, the critical factor in golds future prices will be the G20 meeting where "market-determined" exchange rates will be a critical factor in the strength of the euro. Besides this, investors will likely continue to sideline gold as the US presidents State of the Union address is expected to lend some optimism about the US economy.
Overall, a sweeping rise or fall in gold prices doesn seem to be in order for 2013.