Dow Plunges 500 Points, Gold Hits $1,829

The rout in financial markets continued as trading progressed Thursday morning, with the Dow Jones Industrial Average (DJIA) plunging over 500 points and gold reaching a new set of all-time highs.

The Dow Jones tumbled 514.57 points, or 4.5%, to 10,895.64 as of 10:08am ET, while COMEX gold futures hit a new record of $1,829.40 per ounce.

Gold equities were pressured by the broader markets’ sell-off, although the sector held up far better than the Dow.  The AMEX Gold Bugs Index (HUI), a composite of the world’s largest gold companies, dipped 1.0% to 572.57.

U.S. Treasuries and the U.S. dollar were a few of the only other asset classes in positive territory alongside gold this morning, as the three have served as the primary safe haven areas amid the market’s weakness in recent months.

The yield on the ten-year note plummeted to 2.01%, its lowest level since January 2009, as investors rushed into the bond market of the world’s largest economy.

The U.S. Dollar Index (DXY) climbed 0.5% to 74.160 – which is a considerable move higher, but still relatively small compared to other days in which widespread liquidation engulfed the markets.