Gold futures are down nearly 2% and trading at three-month lows.
Gold for August delivery lost $21.80, or 1.8%, to $1,161.20 an ounce on the New York Mercantile Exchange. A close around these levels would be gold's lowest in three months and mark a decrease of nearly 8% from the record high of $1,258.30 set June 18.
The only way to understand this is that when the Fed isn't printing money (and they aren't currently printing very much)there is no new money to bid gold up. This will likely reverse at sometime when the Fed starts buying up government debt, but short-term the trend for gold appears to be down.