SAN FRANCISCO (MarketWatch) — Gold futures on Wednesday lost more than 4%, closing below the key $1,600-an-ounce mark and suffering their biggest one-day loss since late September. Disappointment that the Federal Reserve was sticking to its current policy stance and the dollar’s rise against the euro , which fell below $1.30, sent gold through its 200-day moving average, likely triggering a rash of automated sell orders, said analysts. Gold for February delivery fell $76.20, or 4.6%, to $1,586.90 an ounce on the Comex division of the New York Mercantile Exchange. Silver lost more than 7% and copper fell nearly 5%.

Originally from MarketWatch