NEW YORK (TheStreet) -- Monday has been another slow trading day and another bad day for gold prices. The precious metal is trading near $1,205 per ounce, lower by 0.7% on the day. 

TheStreet's Joe Deaux said the yellow metal is on pace to lose 30% in 2013, its worst performance in three decades, he said. Gold fell April after big investment firms downgraded the outlook for the commodity. As economic data continued to improve, gold prices kept going lower, he added. 

The clincher came when the Federal Reserve decided in December to begin tapering its quantitative easing program in January. 

But 2014 could be different. According to George Gero, a precious metals strategist at RBC Capital Markets, gold prices could see a boost under several different scenarios, Deaux said. They include a weaker stock market, unforeseen economic events or a rise in inflation.

-- Written by Bret Kenwell in Petoskey, Mich.

Bret Kenwell currently writes, blogs and also contributes to Robert Weinstein's Weekly Options Newsletter. Focuses on short-to-intermediate-term trading opportunities that can be exposed via options. He prefers to use debit trades on momentum setups and credit trades on support/resistance setups. He also focuses on building long-term wealth by searching for consistent, quality dividend paying companies and long-term growth companies. He considers himself the surfer, not the wave, in relation to the market and himself. He has no allegiance to either the bull side or the bear side.

More from Gold

Market Bears Have Devoured Gold Prices

Market Bears Have Devoured Gold Prices

Gold to Skyrocket as Italian Rebellion Unfolds

Gold to Skyrocket as Italian Rebellion Unfolds

2010-Style Crisis Approaches: Prepare For Flight To Safety

2010-Style Crisis Approaches: Prepare For Flight To Safety

Gold Prices Look 'Rich' at Current Levels - Here's What Could Change That

Gold Prices Look 'Rich' at Current Levels - Here's What Could Change That

Watch This If You're Wondering How Much Gold to Have and When to Sell

Watch This If You're Wondering How Much Gold to Have and When to Sell