Concern over the US and euro-zone economies, and the prospects of a recession, is affecting markets worldwide. The US Dow Jones and Nasdaq lost more that 4% each yesterday. Following Asian stock markets, European stock markets open lower – most have lost between 2-5% for the week.
Commodities lost yesterday as slowing global economy is expected to lead to lower demand.
Gold hit a record high of $1682 yesterday before dropping to $1640 per ounce on concerns over demand. It has since started back on the uptrend, now at $ 1658 per ounce, as investors look for safety.