Diamonds are on the way out for the first time in 50 years – ABC News
DALLAS (AP) Gold prices hit a six-month low Friday, a sign of investors’ fears about a return to weakness that has gripped the precious metals market since the 2008 financial crisis.
Gold prices have rallied more than 500 percent since 2009.
The price of one ounce of gold fell about 2.3 percent.
Dow Jones Industrial Average futures for the next three months fell more than 2 percent, while the S&P 500 index fell 0.8 percent.
Gold has rallied about 2,600 percent over the last 50 years.
Gold is the most widely used precious metal in the world and is mined primarily in South Africa, Russia and Canada.
Gold miners in Canada have been complaining about pollution from tailings ponds and tailings tanks in the mining industry, causing a sharp decline in production and leaving them struggling to keep prices stable.
Gold has risen nearly 10 percent this year after hitting a four-year low in December, and it has gained nearly 11 percent over its last three months, more than twice the average gain over the past decade.
The S&s 500 index of the world’s largest stock markets is up almost 9 percent this month, the fastest since September 2016, according to data from FactSet.
China’s benchmark Shanghai Composite is up more than 12 percent this week, with the benchmark gauge also adding to a rally in gold prices.
In an interview with CNBC on Friday, Trump said he would like to see more regulation of the gold industry and said he is willing to consider putting up tariffs on gold and silver imports to help offset the costs of imports.
Trump said on Twitter that he had asked the U.S. government to investigate gold imports, and he wants the Department of the Treasury to “stop the dumping.”
Gold prices were trading at $1,325.23 an ounce Friday on the New York Mercantile Exchange.
A drop in gold could help the U:gold futures price fall below $1 a tonne for the 10th straight session.
Silver prices have gained nearly 13 percent this session, according the New Zealand dollar index, and were up nearly 9 percent last week.