The gold prices were heading northwards every week in the last three quarters and they hit a multi year high of 1220 dollars last week. Two days back the US jobless data indicated that the tide is all set to turn around, though slowly. That gave a big fillip to the gold sellers and they went overboard and pushed down the prices.
The Gold prices are now trading around the 1160 dollars to an ounce due to lower demand, and also speculative unwinding.