1. India raised its gold import tax from 4% to 6%, which has limited the demand for gold in the world’s largest market for the metal.
2. Technical analysts and chartists have been arguing that prices would fall.
3. The collapse of the Bitcoin over the past two weeks coincides with many of the digital currency’s owners also owning gold.
4. Finally, Rogers believes Germany’s demand that Cyprus sell part of its holdings in gold to alleviate debt concerns added to the sell-off.