Gold is down 1% to $1,397 an ounce.
The sell-off is possibly being driven by news of the Reserve Bank of India's decision to curb gold imports by banks. Gold imports would be restricted to "the genuine needs of the exporters of gold jewelery."
Gold imports surged in May. India has said that imports of gold and oil are responsible for its large current account deficit, which in turn is hurting economic growth that is at a 10-year low.
Here's a look at gold's performance today:
More From Business Insider