Markets were down yesterday and yet gold was also down. Why was that? Market speculation is that traders were down so much that they had to liquidate profitable gold positions to meet margin calls. Refer chart below.

SPY is the ETF of the S&P500 – notice the big drop GC is the gold futures price. Gold futures trade 24 hours a day, 5 and a half days a week. ie. it trades even while the stock market is closed. So the red bar before the latest blue bar shows yesterday’s drop.