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Another day, another record for gold; stock markets rebound

Michael Allan McCrae | August 9, 2011 | 5:34 pm Energy Precious Metals Europe Gold 
Gold price stopped short of $1,300 ahead of Fed
QE RIP?

Economic jitters continue to drive gold higher, which hit $1,782.50/oz on Tuesday.

Stock markets bounced back after yesterday’s gut wrenching fall. The S&P/TSX Composite index was up nearly 3% from yesterday. The S&P/ASX 200 did not perform as strongly at 1.22%, making most of its gains later in the day.

The oil and gas sector, which suffered some of the worst losses on Monday, rebounded strongly. The Dow Jones U.S. Oil & Gas Index was up 3%.

In news that might move markets, the Federal Reserve is meeting Tuesday morning and will release a statement in the afternoon. Analysts are looking to see if the Fed will be launching any new initiatives that will support the economy.

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