Gold slammed with biggest daily dollar loss in three years

Gold prices (GLD -2.5%) logged their largest one-day dollar loss in nearly three years, with December Comex gold settling -2.2% at a two-week low $1,525.50/oz., following news that the U.S. and China agreed to work toward a fresh round of trade talks and stronger than expected U.S. private sector employment data helped to ease worries about a slowing economy.

"The gold market trading at highs was ambushed by strong U.S. data from ADP to ISM," said Tai Wong, head of base and precious metals derivatives trading at BMO, adding that the data "also savaged a frothy bond market, which helped rive the slide in gold."

December silver (SLV -4.7%) also plunged, -3.8% to $18.80/oz., with the most-active contract suffering its largest one-day dollar and percentage drop in more than a year just a day after settling at a three-year high.

Precious metal mining shares are among today's biggest losers: GOLD -7.1%, HMY -7%, BTG -5.6%, KL -5.5%, AU -5.5%, AUY -5.2%, AGI -4.3%, GFI -4.3%,  NEM -3.9%, KGC -3.7%.

ETFs: GLD, SLV, GDX, NUGT, GDXJ, JNUG, GGN, DUST, IAU, AGQ, PSLV, SIL, PHYS, USLV, JDST, SIVR, SGOL, GOEX, UGLD, ZSL, SGDM, UGL, SLVO, DGP, GLL, ASA, GLDI, OUNZ