Gold price slumped sharply after briefly hit a record high of above U.S. $ 1,900 per ounce. This is the largest decline in gold price, so analysts began to re-think about the gold price rally is already peaked.
In the spot market, gold prices dropped of U.S. $ 90, after reaching record highs of U.S. $ 1911.46. The fall in gold price happens when Wall Street rose sharply, with the Dow Jones shot up to 2.5%.
In trading Tuesday (08/23/2011), price of gold recorded in the spot market fell 3.7% to U.S. $ 1,826.60. Gold recorded its biggest daily decline since February 2010.
Analysts warned the possibility of a sharp correction after rising gold price reached 8% in the last three sessions, or have already reached U.S. $ 400 per ounce since July.
Gold had reached a point where it moves U.S. $ 40-50 per ounce in a moment of commemoration. It's not a safe investment, obviously this is far from secure, but the riot. It is a psychological manifestation of the masses and this is frightening.
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