Gold hits record high; stock markets and oil companies tumble
After the S&P downgrade announced Friday evening, North American markets opened Monday and tumbled.
The Australian stock market, measured by the S&P/ASX 200, finished the day down 2.91%, while the S&P/TSX composite was down 3.4% in morning trading to 11,796, its lowest level since August 2010.
Gold breached $1,710 an ounces before settling back to $1,700/oz.
Oil and gas took some of the heaviest hits with the S&P TSX Capped Energy Index down 4.8%. Some notable losers were Suncor Energy down by 5.69% to $31.09 and Athabasca Oil Sands falling 6.39% to 12.15.
Standard & Poor announced on Friday evening that it was lowering the United States’ triple AAA rating. Its confidence was shaken after the debt ceiling negotiations. Markets are also worried about defaults in Europe as Spain, Italy and other countries face difficulties meeting their debt obligations.
More News
Lithium Americas reaches final investment decision for Thacker Pass mine
Once open, Thacker Pass is expected to produce 40,000 metric tons of battery-quality lithium carbonate per year.
April 01, 2025 | 03:05 pm
Gold retreats from record as traders brace for Trump’s tariffs
Traders are on edge as Trump plans to announce sweeping levies on all of America’s trading partners on Wednesday, raising the risks of retaliatory measures.
April 01, 2025 | 12:58 pm
{{ commodity.name }}
{{ post.title }}
{{ post.excerpt }}
{{ post.date }}
Comments
Dan Oancea
Gold & Silver up that’s no surprise. You look at the larger picture i.e. over the year growth because that is what matters not short term spikes or lows.
Stock market (companies involved in mining) would definitely recover depending on the commodity of course.