Gold surpassed $1,800 for the first time ever

Earlier today, the Gold surpassed $1,800 for the first time ever, on the way to its latest all-time high of $1,810.00 per ounce.

While gold rallied to a new record level, the broader U.S. equity markets extended their losses. The Dow Jones Industrial Average (DJIA) plunged 519.83 points, or 4.6%, to 10,719.64. This marked the second day this week that the Dow Jones fell more than 500 points, as widespread liquidation engulfed Wall Street.

Jim Steel, a precious metals analyst at HSBC, commented that “The (gold) market remains well bid and the downturn in the equity markets continues to show a lack of investor confidence.”