Gold Falls Below $1,200 to Three-Year Low

Gold, which began the month of June at more than $1,400 an ounce, crashed through the psychologically important $1,200 barrier on June 27, reaching its lowest level since June 2010. 

At press time, the metal’s spot price had recovered to $1,225 an ounce.

June 27 was a particularly rocky day for the yellow metal; its price fell some $30 after its opening. 

“Nobody wants to own gold anymore,” Frank McGhee of  Integrated Brokerage Services told Bloomberg. “We’re getting a continuous grind down with heavy liquidation.”

This caps a very bad week for gold, which on June 25 hit a near three-year low. And some feel it may have further to fall: Goldman Sachs has forecast it hitting $1,050 by the end  of next year.

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JCK News Director