Metal tops $1,800 an ounce as slowdown concerns grip markets
By Claudia Assis, MarketWatch
SAN FRANCISCO (MarketWatch) — Gold futures surpassed $1,800 an ounce Thursday as fears of a global economic slowdown gripped markets and the day’s jobs report reinforced such worries.
Gold for December delivery GC1Z +1.48% added $28.20, or 1.6%, to trade at $1,821.70 on the Comex division of the New York Mercantile Exchange.
It earlier traded as high as $1,824.20 an ounce, an intraday record for the metal.
Gold settled at a record $1,793.80 an ounce Wednesday. So far this month, gold has gained more than 10%, with yearly gains surpassing 26%. Read more about Wednesday's action in gold.
U.S. stocks were off to a weak start on Thursday, and oil futures were down 3.1%.
Earlier, investors grappled with news initial jobless claims in the week ending Aug. 13 rose 9,000 to 408,000, according to the Labor Department. Read more about jobless claims.
The increase was larger than analysts had expected, with the consensus forecast around a rise to 400,000.
Other metals more closely linked with industrial usage and growth tracked oil and stocks lower. September copper HG1U -1.48% declined 5 cents, or 1.2%, to $3.98 a pound.
Silver for the same month’s delivery SI1U +0.91% , however, followed gold higher, advancing 5 cents, or 1.2%, to $40.85 a pound.
