OLD Media News

Spot gold hits in the roof

Spot gold, seen as a safe-haven investment, has gone through the roof, selling at $1,500 an ounce for the first time in more than six years as financial markets remain jittery. 

On Wall Street, the Dow Jones has fallen 2.24 percent to 25,446 while the Nasdaq is down 1.72 percent and the S&P 500 has lost 1.88 percent. 

Fears of a global downturn in the wake of trade disputes have driven traders to rush to the safety of government bonds. 

“Bonds are being bought in a panic mode,” Andrew Brenner, managing director at National Alliance Capital Markets, told Reuters. 

Earlier, European stock markets staged a recovery following a three-day sell-off as investors were cheered by White House assurances that the next round of trade talks with China would still go ahead in September. 

The central banks of New Zealand, India, and Thailand all cut interest rates today to prop up their countries’ faltering economies. 

Yvonne Zacharias

Recent Posts

Dynamo hires former Business Insider executive editor Harrington

Former Business Insider executive editor Rebecca Harrington has been hired by Dynamo to be its…

15 hours ago

Bloomberg TV hires Kerubo as desk producer

Bloomberg Television has hired Brenda Kerubo as a desk producer in London. She will be covering Europe's…

15 hours ago

Jittery CNBC staff reassured by new boss

In a meeting at CNBC headquarters Thursday afternoon, incoming boss Mark Lazarus presented a bullish…

15 hours ago

Making business news accessible to a wider audience

Ritika Gupta, the BBC's North American business correspondent, was interviewed by Global Woman magazine about…

15 hours ago

Rest of World hires Lo as China reporter

Rest of World has hired Kinling Lo as a China reporter. Lo was previously a…

16 hours ago

Bloomberg rises to No. 7 biz news website

Bloomberg News saw strong unique visitor growth to its website in October, passing Fox Business…

16 hours ago