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Gold Trade Equal to 3 Million Ounces Sends Futures Tumbling

Finished 12.5 kilogram gold ingots sit on a trolley ahead of distribution at the JSC Krastsvetmet non-ferrous metals plant in Krasnoyarsk, Russia, on Tuesday, Nov. 5, 2019. 
Photographer: Andrey Rudakov/Bloomberg

Gold futures tumbled to a three-month low as contracts equal to over 3 million ounces changed hands in half an hour, fueling the sell-off.

In the 30 minutes ended 10:30 a.m. in New York, 33,596 contracts were traded, more than triple the 100-day average for that time of day. That helped pushed the most active contract to as low as $1,448.90 an ounce, the lowest since Aug. 5.