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Gold tumbles to $1,740 while stock markets bounce back strongly

Downward spiral

Gold traders saw the precious metal lose over $60 in value today after gold dipped below $1,740 in afternoon trading.

Yesteray gold broke through $1,800/oz.

While gold was down, markets were up on strong corporate earnings and good U.S. job’s data. The Dow Jones was up 5.16% and the S&P 500 was up 5.76%. The Canadian markets were up modestly. The resource-heavy S&P TSX rose 2.16%.

Cisco brought in earnings on Wednesday night that were stronger than expected. The US Labor Department reported that initial jobless claims fell to 395,000. Analysts had been expecting a higher number of jobless claims.