So much for gold as an inflation hedge. The price of the yellow metal dipped back below $3000 an ounce Monday.
Prices have now tumbled more than 5% in the past week since hitting a new all-time high of just below $3200 an ounce.
Gold is still up about 13% this year, largely due to heavy buying from central banks around the world and renewed interest from retail investors flocking to gold because of the perception that it would be a safer asset to own in times of economic and market chaos. Gold had also been benefiting from a weaker dollar this year.