SPDR Gold Shares (NYSEArca: GLD) and other bullion-backed ETFs are set for the biggest quarterly loss in their history. GLD is down 23% since the end of March, including Wednesday’s sell-off.

Gold prices were trading around $1,230 an ounce Wednesday afternoon, touching their lowest levels since August 2010.

About $60 billion of value has been erased from gold ETFs so far this year due to redemptions and falling gold prices, according to Bloomberg.

“We’ll need to see evidence of more physical buying and demand from central banks before it really turns around. No one wants to catch a falling knife,” said Bart Melek, head of commodity strategy at TD Securities, in the report.

GLD, the largest gold ETF, started the year with about 1,351 metric tons of bullion. It now holds about 970 tons, a decline of roughly 28%.

The latest leg down in gold prices after a 12-year rally comes amid speculation the Federal Reserve will taper its bond purchases.

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