Gold, which once seemed to be on an endless upward trajectory, is fast heading the other way.
On June 26, the spot price of gold fell to $1,223 an ounce, its lowest level since August 2010. At press time, it was trading at $1,232 an ounce—down $43 for its from its opening.
Goldprice.org says that the yellow metal’s price per ounce has fallen $111 over the last 30 days and nearly 20 percent over the last year.
Analysts attributed the decline to a reaction to the increasing strength in the U.S. economy.
The news comes as analysts are striking increasingly bearish notes about the metal, with Goldman Sachs predicting it will hit $1,050 by the end of 2014.
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