Gold Prices Plummet 7.2% in First Half of Year

Despite a strong start to the year, gold prices have taken a hit in recent months. The Gabelli Gold Fund's Q2 commentary notes that the metal gave up all its year-to-date gains by the end of June, declining by 7.2% for the first six months of the year.

The price of gold ended June at $4,008 per ounce, down from its peak earlier in the year. The fund's managers attribute this decline to a lack of interest from Western investors, despite strong demand from central banks and private investors in the Far East.