Epic Update : Gold drops below $1,500/oz, lowest since July 2011

Gold dropped more than 4 percent on Friday to its lowest since July 2011, breaking below USD 1,500 per ounce as bearish factors including a draft plan for Cyprus to sell bullion forced prices to capitulate.

Gold hit a low of USD 1,493.35. The metal was heading for a 5.3 percent decline this week, its third such drop in a row and biggest since December 2011. Gold is now some 22 percent below the record peak hit in September 2011 at USD 1,920.30.

US gold futures also hit their lowest since July 2011, with gold for June delivery falling to a low of USD 1,491.40 an ounce before recovering to $1,500.40, down 4.3 percent.

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