Gold plummets to 8-month low

The drop was the second biggest single-day decline for the safe haven metal after the 6 percent fall Monday.

A tael equals 37.5 grams or 1.2 ounces.

Global gold prices fell to their lowest in 11 months last week as the U.S. dollar has been gaining this year amid concerns of inflation and geopolitical tensions.

But they rose by 1.1 percent Monday to $1,708.18 per ounce.