Gold Falls to Lowest Price Since August 2010

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. 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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