Gold Prices Drop 3%

Gold prices tumbled more than 3% in volatile trade on Wednesday to a session low at $1,724.40 an ounce, putting the precious metal on track for its biggest one-day drop since Dec. 14, as the dollar hit a session high versus the euro.

In 2-1/2 hours of open outcry trading on COMEX, the volumes of gold traded were greater than those seen in the whole of Monday, data from the CME Group showed.