Gold prices slide to 34-month low

  @CNNMoneyInvest June 26, 2013: 11:09 AM ET
gold

Click on chart for more market data.

NEW YORK (CNNMoney)

Gold prices are on track to lose nearly 25% this quarter after sliding to a 34-month low Wednesday.

The August contract for gold fell more than 4% to $1,227.10 an ounce early Wednesday, taking the price down to the lowest level since August 2010. Prices had been nearly $1,600 at the start of the quarter and had topped $1,900 for the first time last August.

If the sell-off continues, the second quarter will go down as one of the worst in decades.

Fears that the Federal Reserve will pull back on stimulus has been particularly bad for gold, which had been driven higher by worries that the Fed's stimulus efforts would weaken the dollar and cause inflation.

Related: Is gold losing its safe haven appeal

"It has been a turbulent past few weeks for the yellow metal and there seems little to suggest any let-up in the months ahead," said Ishaq Siddiqi, market strategist with ETX Capital, in a note to clients. "We could see gold prices test the $1,000 mark in the run-up to Fed tapering of stimulus."

The selling spilled over to gold miners. Randgold Resources (GOLD) and Barrick Gold (ABX) were both down more than 4%, and the SPDR Gold Shares Trust (GLD) ETF slid nearly 4%.

Gold wasn't the only precious metal taking a hit. Silver prices tumbled more than 5%. To top of page



Join the Conversation
Markets
Sponsored by
Index Last Change % Change
Dow 16,501.65 0.00 0.00%
Nasdaq 4,148.34 21.37 0.52%
S&P 500 1,878.61 3.22 0.17%
Treasuries 2.69 0.00 0.07%
Data as of 8:06pm ET
Company Price Change % Change
Facebook Inc 60.87 -0.49 -0.80%
Bank of America Corp... 16.34 -0.03 -0.18%
Microsoft Corp 39.86 0.17 0.43%
Verizon Communicatio... 46.28 -1.15 -2.42%
Micron Technology In... 26.16 -0.09 -0.34%
Data as of 4:01pm ET
Overnight Avg Rate Latest Change Last Week
30 yr fixed4.24%4.32%
15 yr fixed3.25%3.36%
5/1 ARM3.27%3.37%
30 yr refi4.28%4.31%
15 yr refi3.30%3.34%
View rates in your area
 
Find personalized rates:
Rate data provided
by Bankrate.com
Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer LIBOR Warning: Neither BBA Enterprises Limited, nor the BBA LIBOR Contributor Banks, nor Reuters, can be held liable for any irregularity or inaccuracy of BBA LIBOR. Disclaimer. Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.