Gold futures plunged Wednesday amid profit taking and widespread liquidation in precious metals.
COMEX gold futures, per the December contract, settled lower by $104.00, or 5.6%, at $1,757.30 per ounce.
This marked the third largest single-day drop ever for the yellow metal – trailing only declines of 7.3% and 5.8% on June 13, 2006 and March 19, 2008, respectively.
Since reaching a new all-time record high of $1,917.90 early Tuesday morning, gold futures have now plummeted 8.4%.
Silver – which generally exhibits higher volatility than gold – plunged 6.1% this afternoon. COMEX silver for September delivery traded lower by $2.60 at $39.70 per ounce after reaching a multi-month high of $44.275 just yesterday.
Platinum retreated as well, but by considerably less than gold or silver. Platinum futures, per the October contract, sunk $57.40, or 3.1%, to $1,822.70 per ounce.