Gold strong on stock melt down sparked by the new oil war between the Saudis and Russia and the on-going fear of the global impact of the coronavirus. Gold climbed above the $1,700 an ounce threshold for the first time in more than seven years early Monday before falling back a touch.
The Dow Jones Industrial Average tanked more than 1,800 points at the open, while the S&P 500 dropped 7%. The massive sell-off triggered a key market circuit breaker in morning trading. Trading was halted for 15 minutes at 9:35 a.m. ET. The next circuit breaker would be triggered if the markets drop another 15%.
Investors seeking a safe haven amid a broader-market meltdown initially sent the yellow metal soaring, with front-month futures touching $1,704.30 an ounce on Comex. But the move up wasn’t sustainable amid plummeting oil prices. Crude tumbled about 30% at the open Monday, and that put a lid on gold’s advance because the precious metal is frequently seen as a hedge against oil-led inflation. It's a buyers market so let's talk. You know jyou have been thinking about.
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