After series of bullish rallies, gold futures finally saw correction on Wednesday and reported its highest fall since March 2008. Gold futures contract for December delivery plunged 5.6 percent or $104 to settle at $1,757.30 per ounce on the Comex division of the New York Mercantile Exchange. Most of the analysts believe that gold futures are likely to see resistance at their psychological barrier of $1,900 per ounce. Some investors think that correction was overdue and investors went for profit taking.

Head trader and strategist from Kingsview Financial in Chicago commented, “People who made a lot of quick bucks are leaving the trade to return at lower points.”

Investors were also concerned about the law suit of CME Group Inc. SPDR Gold Trust the most traded gold backed ETF reported the decline of 25 metric tons in its holdings. Among other metals, silver futures contract for September delivery declined 7.4 percent or $3.13 to $39.16 per ounce. Copper futures contract for September contract gained 0.1 percent or $0.01 to $4 per pound.

Platinum futures contract for October delivery dropped 2.9 percent or $53.80 to settle at $1,826.30 per ounce while its sister metal palladium futures contract for September contract dropped 2.8 percent or $21.25 to $743.15 per ounce.