Gold prices dipped but still reached a seventh straight annual gain, boosted by investor concerns over Middle East instability, a weak dollar and worries about the U.S. economy. Oil prices traded slightly lower, marking a quiet end to a record-breaking year.

Soybean prices hit a 34-year high on Friday before pulling back amid light trading during the holiday season that has led to sharp price swings in commodities markets.

U.S. exporters have already sold roughly three-quarters of the soybeans the Agriculture Department predicts for the whole marketing year, which ends in June 2008. Although current soybean supplies appear ample, analysts say the market is headed into a downward trend and that farmers need to plant more soybeans than they did last year -- when an ethanol boom led farmers to favor planting corn acres over soybeans.

"It's been a phenomenal year for soybeans, and this is a demand-driven rise so the fundamentals are still very bullish" for 2008, said Elaine Kub, a commodities markets analyst with DTN.

Rising demand in China to feed livestock and make alternative fuel is pressuring supplies and should push soybean prices higher in 2008, Kub said.

Soybeans for January delivery fell 8.75 cents to settle at $11.99 a bushel on the Chicago Board of Trade. Corn for March delivery rose 3.5 cents to settle at $4.555 a bushel. Wheat for March delivery traded flat to settle at $8.85 a bushel.

Precious metals traded mixed on the New York Mercantile Exchange, as gold futures fell slightly on a stronger dollar and profit-taking.

Gold jumped last week after the assassination of Pakistani opposition leader Benazir Bhutto rattled investors, who often look to the precious metal as a safe haven from instability and inflation.

The dollar's steep drop against the 13-nation euro this year also has been a major driver behind gold's advance from less than $650 an ounce in January to a 28-year high near $850 an ounce in November. The average price of gold rose 13 percent in 2007 compared to the previous, the seventh straight annual gain, said Jon Nadler at Kitko Bullion Dealers Montreal.

"There may be some more profit-taking on gold early next year but I don't see it falling sharply. The overall trend is still for higher prices," said Carlos Sanchez, a precious metals analyst at CMP Group.

An ounce of gold for February delivery fell $4.70 to settle at $838 on the Nymex. March Silver rose 0.025 cent to settle at $14.920 an ounce, while copper fell 3.10 cents to settle at $3.0410 a pound.

Meanwhile, energy prices traded mixed, as oil fell slightly on weak U.S. home sales data and the strength of the dollar.

Light, sweet crude for February delivery fell 2 cents to settle at $95.98 a barrel on the Nymex. January gasoline futures rose 1.61 cents to settle at $2.4758 a gallon on Monday, while heating oil for January delivery rose 0.74 cent to settle at $2.6444 a gallon. Both contracts have set new price records in recent weeks on supply concerns.