Gold Is Just Having A Terrible Day

The sell-off in gold has gotten worse this afternoon.

Right now, the yellow metal is trading around $US1323 an ounce, down 3.0% from yesterday.

Moments ago, it hit the lowest level of the day at $US1322.20.

Société Générale strategists told clients earlier this week that the bounce in gold is over, and advised them to sell the metal with a $US1200 price target.

The chart below shows the sharp drop today.

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at