A stronger dollar due to uncertainty in global economic growth also weighed on the metal.
With the tapering in the US central bank's quantitative easing (QE) programme set to reduce investible surplus in consumers' hands, gold is set to remain subdued in 2014, too.
After 12 years of a positive run, the price fell 29.2 per cent in 2013 over a year before.
The metal had posted a marginal negative return of 2.7 per cent in 2000, on lacklustre investment demand.
Text: Dilip Kumar Jha, Business Standard