Most markets are quite quiet in August, leading to more price swings than usual.
Still, gold is down as stock markets tick up and investors - the ones who are not on holiday - embrace more risk.
Gold for delivery now was down 0.9% at $1,500.10.
The position of gold as an investment is a curious one. It is indestructible and is seen as protection against inflation. But in many developed economies inflation is a rare thing, and it produces no income like property, shares and bonds might.