Gold Slumps, Heads for Biggest Three-Day Drop Since October 2008
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Gold fell, heading for the biggest three-day drop in almost three years, as investor demand wanes after a rally to a record.
Futures rose as much as 18 percent this month, touching an all-time high of $1,917.90 an ounce on Aug. 23, before erasing most of the gains. The value of a 100-ounce futures contract in New York plunged $10,400 yesterday, more than the $7,425 margin requirement that day, prompting exchange-owner CME Group Inc. to increase the minimum cash deposit on trades.