Gold futures declined on Wednesday as the investors went for profit taking keeping in view high volatility of the previous sessions. Analyst Stephen Platt from Archer Financial Services in Chicago commented, “After the rally, you are seeing some profit-taking, people are shedding some risk after the volatility they’ve seen.”

Gold futures contract for December delivery fell 2.1 percent or $34.40 to settle at $1,618.10 per ounce at Comex trading of the New York Mercantile Exchange.

Silver futures contract for December delivery fell 4.5 percent or $1.40 to $30.13 per ounce. Base metals moved in a bullish rally on a day earlier on hopes that European officials are about to find a solutions for the region’s sovereign debt crisis.

Among gold back exchange ETFs, SPDR Gold Trust which is known have the highest holding in gold fell to 1,242 metric tons on Tuesday as compared to 1,247 metric tons in prior day. Among other metals copper futures contract for December delivery fell $0.19 to $3.25 per pound which also happens to its lowest since August, 2010.

Platinum futures contract for October delivery fell 2.5 percent or $39.80 to $1,534.20 per ounce while palladium December contract fell 2.3 percent or $15.20 to $634.75 per ounce.