Gold prices tanked on Wednesday as prices fell $104 an ounce to settle at $1,757.30 an ounce. The day’s trading marked the largest one-day decline in gold since March 2008. The slump came as both the CME and China hiked margin requirements for trading in the precious metal. While the unwinding of speculative buying pressure has knocked more than $150 an ounce off gold prices in recent days, the price of gold is still up more than 20% this year.
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