Gold extended its sell-off to the biggest one-day drop since 2013 as investors sold the metal to cover margin calls and concern mounted over demand in China.

Spot gold fell as much as 4.5%, the most intraday since June 2013, according to Bloomberg generic pricing. The metal was down 3.6% at $1,585.31 an ounce at 11:18 a.m. in New York.

Gold reached a seven-year high just this week on demand for havens as the virus spooked investors, with a spectacular collapse on Wall Street. While bullion has rallied amid both risk-on and risk-off episodes, it could suffer from further profit-taking as it’s used to meet the margin calls amid the sharp declines in stocks, Suki Cooper, a precious metals analyst at Standard Chartered Bank, said in a note.

“The haven demand is facing headwinds of cash needs elsewhere,” George Gero, a managing director at RBC Wealth Management, said by phone Friday. “The possibility that China may be using less is hurting commodity accounts and therefore you’re going to see margin calls.”

Still, barring near-term profit-taking, risks for prices remain to the upside amid expectations that the Federal Reserve will cut interest rates twice this year, Standard Chartered’s Cooper said.

This article was provided Bloomberg News.