Gold futures reached a new all-time record high of $1,782.90 per ounce on Wednesday, fueled by the resumption of risk aversion in financial markets.
COMEX gold futures, per the December contract, reached $1,782.50 yesterday and briefly surpassed this level this morning. However, the yellow metal quickly pared its gains, dropping back toward $1,775 per ounce as of 10:39am ET.
Silver rallied alongside gold, by $0.47, or 1.2%, to $38.35 per ounce.
While precious metals advanced, the broader U.S. equity markets posted substantial losses. The Dow Jones Industrial Average (DJIA) tumbled 353.03 points, or 3.1%, to 10,886.74, sparked by escalating sovereign debt concerns across Europe.
Financial stocks, particularly European banks such as Societe Generale and Credit Agricole, were under heavy selling pressure.
The U.S. Dollar Index (DXY) climbed against a basket of foreign currencies, by 1.0% to 74.658. The dollar’s advance was especially strong against the euro, as the euro/dollar currency cross fell 1.2% to 1.4205.
Klondex Mines Advances Flagship Gold Deposit
* The outsourcing of mining, processing and exploration activities, under the close supervision of Klondex's experienced Nevada team, enables the Company to pursue a substantial base of activity while at the same time limiting its capital investment.
* Klondex has three drill rigs working on site. A reverse circulation (RC) rig and a diamond core rig have commenced initial drilling and a directional drill rig started their program this past weekend.
