Gold Hits Record as US Stocks Decline, Dow Below 12,000

Posted August 2nd, 2011 at 4:35 pm (UTC-5)
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U.S. stock market indexes fell in Tuesday's trading. The Dow Jones Industrial Average retreated 1.8 percent , dropping below 12,000 points to end at 11,913. The S&P 500 fell 2.2 percent to finish at 1,259, and the NASDAQ lost 2.3 percent to close at 2,681.

European stock markets were lower at the close of trading. London's Financial Times 100 index slid 1 percent to close at 5,718. The CAC-40 in Paris moved down 1.8 percent to end at 3,523 and the DAX in Frankfurt fell 2.3 percent to close at 6,797.

Earlier in Asia, Tokyo's Nikkei index dropped 1.2 percent to finish at 9,845. Hong Kong's Hang Seng index fell 1.1 percent to finish the day's trading at 22,421.

The price of gold rose to its ninth record this year, soaring more than $35 to trade at $1,654.80 an ounce.

The dollar was lower against the yen but made gains compared to the euro.