Gold Falls to $1,400 an Ounce

Gold hit $1,400 an ounce in New York on May 28. Gold futures for June delivery were also down $6.30 at $1,381.20 a troy ounce on the Comex, The Wall Street Journal reported.

Asian stock markets had a turbulent week – another factor that played into gold’s decline today, Reuters reported. The decline in gold prices comes after the metal gained more than half a percent May 27 and after it experienced its strongest weekly percentage gain in a month, the source said.

Overall, gold prices are down 17 percent for the year.

“The paper market is dropping but we are seeing a different story in the physical market,” said Zane Lim, regional manager of operations at Singapore-based dealer BullionStar, according to Reuters. “Everybody is buying and no one is selling.”