Today, the price of gold fell more than 1%, while reaching its lowest level in nearly and overcome the critical support level at $ 1661 per ounce, which was caused by the increase in sales to investors in anticipation of the new year.

Note that prices showed the largest quarterly decline since the third quarter of 2008, in the period from October to December, amid the announcement of a new round of easing monetary policy in the past month, which has had a temporary positive effect on the price of gold.

Analysts point out that at the end of the year, many investors have decided to reduce their positions in gold, investing in this in other more lucrative assets, as the issue of "fiscal cliff" a negative effect on mood.

Meanwhile, physical buying in Asia rose after the price of gold fell earlier this week, and some market participants are concerned about potential shortages over the next week, as most of the plants are closed for holidays.

February futures price of gold on the COMEX fell today to 1643.40 dollars per ounce.