Thursday, May 23, 2024
HomeLaw & PoliticsGold price surges and Wall Street sinks amid Russia Ukraine War

Gold price surges and Wall Street sinks amid Russia Ukraine War

The leading indexes on Wall Street have suffered huge losses as a result of the tensions between Russia and Ukraine. The Standard & Poor’s 500 Index (S&P 500) has fallen to its lowest point in eight months. On Wednesday afternoon, sell-offs resumed in the Nasdaq and the Dow Jones Industrial Average (EST).

By the end of the day, the Nasdaq had plummeted -344 points, the NYSE had dropped -196 points, the Dow had dropped -464 points, and the S&P 500 had plunged to -79 points. During the day, stocks in the information technology (IT) sector fell by 2.6 percent.

While the stock and cryptocurrency markets have fallen, the price of gold has continued to rise. The price of gold per ounce traded hands for $1,925 at the 10:00 p.m. trading session on Wednesday evening.

Gold was trading at $1,897 an ounce four days ago, down 1.47 percent. The price of gold surged to its highest level ever two days ago in Japan, according to analysts, due to “geopolitical risk and concerns about a falling yen.”

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Kunal Krishan
Kunal Krishan
Kunal is an investment space writer who firmly believes investment is something which should not be a choice but a part of everyone's life.


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