Gold fell 2 percent to a three-month low on Wednesday, as the dollar rallied against the euro on more jitters about European debt, while losses in US equity and commodity markets triggered a technical sell-off of the precious metal. Bullion has declined for three straight days, on track for its smallest yearly gain in three years.
Silver tumbled more than 5 percent, leading the decline in industrial commodities. Silver is on track to end the year down 11 percent after a $3 drop in the last five sessions, reversing hefty gains in the past two years.
Spot gold was down 2.4 percent at $1,554.64 an ounce by 2:48 PM EST (1948 GMT), having earlier hit a low of $1,553.89, its lowest since Sept. 26. US February gold futures settled down $31.40 at $1,564.10, with trading volume more than doubled its previous. Spot silver fell 5.7 percent to $27.03 an ounce. Among platinum group metals, platinum fell 3.2 percent to $1,381.74 an ounce, while palladium dropped 2.9 percent to $639.47 an ounce.
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