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.