The decline in gold is attributed to a large market order of 18,500 lots of gold, which represents 1.85 million ounces. This was likely a mistake, or a "fat finger" trade, as the order is bigger than anything seen at the peak of domestic political turmoil and the surprising outcome from the Brexit vote.
The trader or institution who placed likely "pressed the wrong button," David Govett, head of precious metals trading at Marex Spectron Group, told Bloomberg. Or perhaps the sell order was made as intended under the assumption that the market could absorb the large order.
Here is a look at how gold and gold related exchange-traded funds are performing on Monday:
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