Gold prices fell below $1,200 an ounce Thursday and it hit their lowest levels since 2010.
Gold has tumbled nearly 30% in 2014. That’s the biggest drop since 1981, said Kevin DeMeritt, president of Lear Capital, a precious metals firm based in Los Angeles. It’s also the first year-over-year decline in gold prices since 2000, according to FactSet.
Investors have been selling gold futures and gold-backed ETFs this year as stocks have soared to record highs. Prices for physical gold, including bars and coins, have fared better thanks to demand from investors in China.