Per the AP, it's now fallen 6 straight weeks, and is 8% below where it was on October 4.

Why is gold losing its appeal?

There are two main drivers of gold.

One is volatility. When volatility rises, people rush to it as a "safe" asset. Volatility's been getting crushed lately. Even with all of the Fiscal Cliff/Debt Ceiling nonsense, people are starting to become immune to it all.