Gold closes out worst year since 1981

The price of gold is closing out its worst year since 1981 as the U.S. economy improves, inflation remains at bay and worries about the financial system and gridlock in Washington fade.

Gold slumped 28 percent in 2013. The price peaked at $1,900 an ounce in August 2011 and has been declining more or less ever since.

On Tuesday the actively traded February contract for gold fell $1.50 to $1,202.30 an ounce.

Other commodities also had a bad year.

The price of corn plunged 40 percent in 2013 as it became clear that the U.S. crop would be huge, bouncing back from a severe drought the year before. The price of wheat also fell 22 percent for the year.

Oil gained about 7 percent in the year.