Reports from AP and MarketWatch indicate a price spread between Gold Futures($859) and the Spot Price ($900). They both state that fund managers are liquidating their positions to cover margin calls, and other needs for cash. Even so, GoldPrice.org has been marking the volatility all days, and continues to do so.
In addition, they both report the rising strenght of the dollar is having an inpact.
I should also note, as is widely reported, the Dow Jones Industrial was down $128, to $8,451.19. slipping below $8000 in interday trading.
NOTE: GE faired well appearing to be on track with earnings, but reports that its consumer finance may take as much as $6.6B in loses this year.