Gold Price Rally Clashes With Stock Market Euphoria Yet the price of gold was also buoyant, moving above $1,600 and suggesting that Dow bulls may be hedging some of their exposure to risk assets with the safe-haven metal. | Source: Yahoo FinanceĬrude oil rallied over 2.5% as investors appeared to take a more optimistic view of the outlook for global consumption. The Dow Jones soared on Wednesday, belying a strong demand for safe-haven gold. The Dow Jones (+0.48%) and S&P 500 (0.57%) were less dynamic, but both still secured substantial gains. The Nasdaq powered almost 1% higher on the back of considerable moves in Tesla and Nvidia. stock market indices were in the green on Wednesday. Dow Jones Rallies as Rate of Coronavirus Infections SlowsĪll three of the main U.S. The Dow Jones staged a relief rally on Wednesday, moving 141.73 points higher to 29,373.92 amid a strong return for risk appetite.ĭespite the jump in the stock market, moves in the gold price demonstrate that there are still plenty of nervous investors eyeing the damaging impact of the coronavirus. Concerns about risk-taking and the impact of the coronavirus are potential causes for the jump in XAU/USD.This confidence in risk assets belies demand for safe-havens as the price of gold continues to surge.Stock market euphoria returned on Wednesday as the Dow Jones, Nasdaq, and S&P 500 pushed back towards record highs.
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