t's official: gold has fallen as much as 21 percent from its intraday record in September, according to Bloomberg, qualifying it for the distinction of being in a bear market.

That report notes that the closing price for an ounce of gold will have to settle at $1,513.52 or below in order to close down 20 percent from its peak in August

The price of gold peaked at $1,923.70 per ounce in September.

The precious metal is currently trading at $1,547, down about 0.6 percent on the day.

FinViz.com