Spot gold prices were dropping by $33.50, or 2.7%, to $1189.50 an ounce Wednesday afternoon.
NEW YORK (TheStreet) -- New York spot gold prices took a beating Wednesday afternoon as Germany's decision to eradicate naked short selling sent shockwaves through the markets and triggered a commodities selloff by investors trying to cover trading losses.
New York spot silver prices were losing 86 cents, or 4.5%, to $18.13 an ounce.
New York spot platinum prices, meanwhile, were falling $70, or 4.2%, to $1597 an ounce, while its sister metal was also losing traction.
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New York spot palladium prices were falling $39, or 7.9%, to $458 an ounce.