Stocks, Gold | featured news

Gold prices pushed higher as investors bet that demand for the metal in coins and bars would continue at a high rate following this month's plunge in prices.

As I write this post on April 15, spot gold prices, according to Bloomberg, settled down approximately 9% for the day (which marks the biggest one day decline since February of 1983), while spot silver prices were down approximately 12% for the day.

Gold headed for its biggest two-day drop in 30 years on Monday as funds accelerated their exits from the market, and investors also cut exposure to oil, copper and grain after underwhelming Chinese growth data.

The price of gold streaked past $1,700 an ounce for the first time Monday. Investors, beset by worries about the U.S. debt downgrade, Europe's financial crisis and slowing global growth, sought safety in the metal as stocks tumbled around the world.

The spot price of gold set fresh intraday records after Moody's put its long-standing triple-A rating of U.S. Treasurys on review, triggering fresh buying of the yellow metal and prompting bulls to eye a break above $1,600 a troy ounce.

Gold futures finished the year with a 10th consecutive annual gain amid expectations for new record highs next year.

Spot bullion hit on Friday a nominal record of $1,282.75 a troy ounce in London, up 3 per cent on the week, making a gain of 17 per cent this year

Shares rose in Europe and on Wall Street as markets calmed. Gold, however, hit a record amid efforts to defend European countries from sovereign default.

Shares rose ahead of the start of earnings season, and the value of the dollar skidded as investors fretted over a report that crude oil could one day be priced in other currencies.