Gold caps back-to-back yearly losses for first time since 1998

For the first time since 1998, gold posted back-to-back yearly declines.

The metal fell Wednesday as the dollar gained, reducing the appeal for bullion as an alternative asset. Bullion closed down 1.5 percent for 2014, compared with an average annual move of 12 percent in the past 14 years. Prices touched a four-year low in November as equities rallied and investors speculated that the Federal Reserve is preparing to raise interest rates.

"Gold has had several problems," said George Gero, a precious metals strategist at RBC Capital Markets in New York. "The improving U.S. economy, the continued better labor picture, the lack of inflation, very strong stocks and the very strong dollar weighed on gold this year."

Gold futures for February delivery fell 1.4 percent Wednesday to $1,184.10 an ounce.

Bloomberg News

ON THE MOVE

Hawaiian Host has hired Ragan Suzuki as warehouse supervisor. He has more than 12 years of experience in management and leadership. Suzuki was previously a senior associate in inventory control at Ricoh Corp. of America. 

The Board of Trustees of the King William Charles Lunalilo Trust has elected the following people:

>> Kamani Kuala‘au, chairman of the board. 

>> Harvey McInerny, vice chairman/treasurer. 

>> Stanley Hong, secretary. 

Hilton Hawaiian Village Waikiki Beach Resort has appointed Emma Clemente to beverage manager. Before joining Hilton, she served as director of housekeeping at The Modern Hono­lulu, where she received the hotel’s Manager of the Quarter award. Clemente also worked as a front office/guest service manager for Wyndham Vacation Resorts.

Central Pacific Bank has promoted Trong Son to vice president and home loan manager of Central Pacific HomeLoans. He has been with CPB since 2011 and has more than 30 years of banking and mortgage experience. Son was previously a senior home loan consultant of Central Pacific HomeLoans.