Gold Benefits Due To Heavy Risk Aversion

Published on May 19, 2022 12:12

COMEX Gold futures stayed supported on a frantic selloff in US equities last night. The US stocks showed a substantial move back to the downside during trading on Wednesday. With the steep drop on the day, the Dow and the S&P 500 ended the session at their lowest closing levels in over a year. The major averages saw continued weakness late in the session, ending the day near their worst levels. The Dow plunged 1,164.52 points or 3.6 percent to 31,490.07, the Nasdaq plummeted 566.37 points or 4.7 percent to 11,418.15 and the S&P 500 tumbled 165.17 points or 4 percent to 3,923.68. Gold is currently hovering around $1815 per ounce following this, almost unchanged on the day.