Gold prices hold steady as Dow plunges over 250 points
Thursday, July 1st, 2010| Wednesday, June 30, 2010 |
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| - By Bruce Sands |
| Gold prices resisted the general rout in financial markets today, trending essentially flat while stocks and risky bonds were hammered by bad economic projections. The spot price of gold was $1,240.40 per troy ounce, up $1.80 from the open.
The Dow Jones Industrial Average, on the other hand, fell 268 points, sinking well below the 10,000 point line to 9,870. The S&P 500 lost 33.33 points to 1,041.24, while the Nasdaq had the worst losses, sinking almost 4 percent to land at 2,135.18. Even silver got dragged down in the rout, falling by 1.03 percent to trade at $18.52 per ounce. Apparently, on a day of general despondency, silver’s role as an industrial commodity outweighed its attraction as a store of value. That left gold one of the few winners of the day, buoyed by traders looking for a safe haven. Once again, investors see and respond to the ability of gold to protect value and deliver positive returns, whether in paper share form or in physical coins and bars. News brought to you by Superior Gold Group – expert gold dealers offering precious metals products. Become part of the gold affiliate program today! |
