An ugly day for all the commodities and mining stocks.

Gold futures tumbled more than 23% in the second quarter, posting the steepest quarterly loss since modern trading began in the mid-1970s after a stampede for the exits on fears that a stronger U.S. economy would continue to push up government bond yields and the U.S. dollar, tarnishing the attractiveness of the precious metal.

Gold for August delivery  GCQ3 +1.91% erased an early dip below $1,200 an ounce Friday to end floor trading on the Comex division of the New York Mercantile Exchange at $1,223.70 an ounce, up $12.10, or 1%.