Today gold sustained the largest single day drawdown since market participants bid gold prices above $1800 on a closing basis on Tuesday, July 7. As of 5 PM EDT gold futures bases the most active August contract is currently trading off by $17.50
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Just over one week ago, on Tuesday, July 7th, gold prices broke and closed above $1800 per ounce for the first time since November 19, 2011.
Gold futures and spot gold broke below $1800 in trading overseas last night, however once trading began in New York prices traded off of the lows breaking back above $1800 by the close of trading.