Dow Plunges 512 Points, Gold Breaks Below $1,655

 

U.S. equity markets plunged Thursday, as the Dow Jones Industrial Average (DJIA) dropped 512.76 points to 11,383.68. The 4.3% retreat in the DJIA marked its worst single-day decline since a 7.7% plummet on December 1, 2008.

Gold futures, which this morning rallied to a new all-time high of $1,684.90 per ounce, headed south in mid-day trading while the U.S. dollar extended its gains. COMEX gold futures, per the December contract, hit an intra-day low of $1,642.20 and held below $1,655 later this afternoon.

The U.S. Dollar Index (DXY), a trade-weighted composite of the greenback versus the world’s largest fiat currencies, advanced 1.8% to 75.199.

Gold equities sunk alongside the broader market, as the AMEX Gold Bugs Index (HUI) fell 5.6% to 531.83. Barrick Gold (ABX), the world’s largest gold producer, plunged 5.9% to $46.21 per share. Newmont Mining (NEM), the only gold stock included in the S&P 500, sunk 4.7% to $54.44 per share.

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