EXPORT commodity prices continued to track lower last month but Reserve Bank of Australia data shows strong support for key resources underpinned an annual rise. The RBA's commodity index fell by 1 per cent in December after falling 0.2 per cent in November, preliminary estimates showed yesterday. "The price of gold declined in the month, as did the estimated export prices of coking coal and iron ore, as they continue to adjust to lower spot and contract prices," the RBA said. But despite the consecutive monthly falls, in the past year the index had risen by 11 per cent in SDR terms, the data showed. "Much of this rise has been due to the earlier increases in iron ore, coking coal and thermal coal export prices," the RBA said. The index has risen by 10 per cent in Australian dollar terms in the past year, while in December it fell 2.5 per cent in Australian dollar terms. Although being up from 12 months before, the SDR index in December was at a nine-month low and 6 per cent below its all-time high in August. The price of gold had been on a rapid rise throughout last year as investors sought a safe-haven asset as global financial volatility continued because of Europe's debt crisis. The precious metal started to lose some of its shine towards the end of the year but market observers are confident it will rebound strongly and continue to rise in next year. A slowdown is Chinese steel production towards the end of last year pushed iron ore prices down 20 per cent to finish the year at $US142 a tonne, according to Metal Bulletin.

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