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Gold Price Up as Chinese Stocks Lose 5%

Wednesday, December 10, 2014

The Shanghai Composite posted losses of more than 5% on Tuesday as investors went on a profit-taking spree just one day after the benchmark index broke past the 3,000 mark for the first time in more than three years.

Markets had been buoyed by the central bank's decision to cut interest rates last month, but shares of Chinese financial and property firms were caught in a selloff after investors decided to cash out.

Elsewhere in Asia, shares traded lower following losses on Wall Street prompted by worries over the global economy and falling oil prices. Brent crude fell to its lowest level since September 2009 in afternoon trading and is now priced at just $65.33 per barrel.