Gold futures, based on the most active August contract, initially rallied but closed moderately higher at around $2,340, gaining $6.80 on the day.

Gold experienced a dramatic sell-off today, as two significant economic events converged, causing the precious metal's prices to tumble.

Gold futures rallied strongly today, driven by the European Central Bank's (ECB) historic rate cut, a weakening US dollar, and growing anticipation surrounding Friday's U.S. jobs report.