Spot gold has been estimated to stay between $1,000 (£609) to $1,100 in 2014 after the value of the precious metal was hit hard last year.
The price of gold was down by almost a third during the last 12 months, which was roughly the same percentage that the Standard and Poor's index in the US rose by.
Gold's reputation as the main safe haven has therefore taken a hit in the last year and editor of Macro Trend Investor and chief investment officer of the investment firm Sizemore Capital Management Charles Lewis Sizemore noted gold has increasing competition from new virtual currencies such as Bitcoin.
Writing for Forbes, he said: "We should remember that gold had a monster secular bull market run that lasted 12 years. When the last bull market in gold broke, in 1980, it took two decades for it to finally find a bottom."
Gold's tough 2013 had a knock-on impact on companies as diverse as Swiss National Bank and the UK pawnbroker Albemarle and Bond, both of which had difficult years as a result of the falling value of the precious metal.
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