Gold drops below $1,200 ounce

Gold went there, dropping below US$1,200 per ounce before ticking back up.

The precious metal hit US$1,196.10 an ounce at 2 p.m. ET. after losing over $20 in the afternoon.

Since the year started gold is down 28% and is trading at a three-year low.

Silver is at US$18.59 per ounce.

Chart from Kitco.com