Gold has lost some its luster over the past few days, falling as much as $200 an ounce since its stellar run to a record $1,917.90 on Tuesday.
Traders have booked in profits and investors have fled from the safe haven provided by gold, putting pressure on the precious metal. Heavy selling was seen both Tuesday and Wednesday, and gold continued its decline in early morning trading on Thursday
The yellow metal saw continued pressure Thursday on any expectation of further easing announcements from Fed Chairman Ben Bernanke, speaking this week at a conference in Jackson Hole, WY. Improved economic data and increased margin requirements for gold contracts implemented by the CME and Shanghai have all stalled gold's ascent.
Shortly before 9 a.m. Thursday, gold was off $27.10, trading at $1730.60 an ounce.
