Gold futures rallied to yet another new all-time high on Thursday as
growing concerns over recessions in the U.S. and euro zone weighed
heavily on financial markets.
COMEX gold futures, per the December contract, surged to a record
intra-day high of $1,829.70 per ounce, before settling higher by $28.20,
or 1.6%, at a new closing high of $1,822.00.
Silver futures climbed alongside the yellow metal, by $0.40, or $1.00, to $40.76 per ounce.
Gold and silver shares were pressured by the broad-based sell-off in
equities, however, as the Philadelphia Gold & Silver Index (XAU)
slid 2.4% to 207.53 this afternoon.
Nonetheless, the XAU’s decline was considerably less than the 3.8%
drop in the Dow Jones Industrial Average (DJIA), which retreated 431.06
points to 10,979.15.
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