Traders have disappeared from the gold market

Volatility has evaporated. As gold continues to languish near its lowest price in five years, one element seems to be missing: traders. Volume so far in August, already a slow time of year, has dropped about 8 percent from 2014. On Thursday, trading was about 40 percent below the 100-day average. With fewer participants, the metal’s volatility has tumbled to the lowest in nine months.