Gold prices also fell.
CME Group Inc. said it would raise the amount of money traders had to have on hand, known as margins, for the second time this week. The exchange raised margins on Monday, and on Wednesday announced two more increases which come in to force at the close of business on Thursday and on Monday. It also raised margin requirements on Friday.
Ahead of the New York day, spot silver was down $1.43, or 3.6% at $37.96 a troy ounce. It was flirting with $50 late last month.
The spot price of gold was down $13.30, or 0.9%, ar $1,503.20 an ounce.
Mexico's central bank purchased 93.3 metric tons of gold in February and March, another signal that emerging markets are likely to steadily raise their gold reserve holdings, industry participants say. May IMF data also show continued buying by Russia and Thailand, of 18.8 tons and 9.3 tons, respectively.
The figures came as a surprise, with the market having been generally of the view that the first quarter was a quiet time for the official sector, analysts have said.
While the news did little Wednesday to prop up the gold price, which was dragged down by the recent sharp declines of sister metal silver, market players say it should be seen as very supportive for the yellow metal's value over the medium term.
Among other metals, the spot price of platinum was down $20, or 1.1%, at $1,799 an ounce, while spot palladium slid $20, or 2.7%, to $725 an ounce.Source online.wsj.com...
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