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Mysterious Gold Trades of 4 Million Ounces Spur Price Plunge

  • Bullion jolted after volatility seen near lowest since 2001
  • Prices poised for biggest loss in more than three weeks
Gold Production At Polyus Gold International Ltd. Russia's Largest Producer

Photographer: Andrey Rudakov/Bloomberg

Updated on

Trades that moved about 4 million ounces of gold in a matter of minutes awakened the precious metal from its slumber.

After 11:10 a.m. on the Comex in New York almost 40,000 contracts, each representing 100 ounces of the metal, traded in a span of 10 minutes. That triggered a sell-off, sending prices down as much as 1.1 percent.