Gold prices are sensitive to geopolitical and military crises, as are stocks worldwide
ALBAWABA – Gold prices slipped late on Monday, after having picked up in early sessions, as stocks worldwide diverged in anticipation of the genocide in Gaza spiralling into a full-blown regional conflict.
European stocks fell as the 10-year yield on Treasuries hit 5 percent for the first time since 2007, Bloomberg reported.
Europe’s Stoxx 600 index sank 0.4 percent and S&P 500 equity futures edged lower, according to Bloomberg. Meanwhile, Frankfurt's DAX index rose 0.2 percent to 14,820.85 points and the Paris CAC 40 edged up less than 0.1 percent to 6,821.75, Agence France-Press (AFP) reported.
London's benchmark FTSE 100 index also slid 0.2 percent to 7,387.48 points, while across the pond, both Nasdaq and Dow Jones futures also fell, according to AFP.
Elsewhere, the MSCI Asia Pacific Index fell 0.8 percent and the MSCI Emerging Markets Index fell 0.7 percent, AFP reported.
Internationally, spot gold slipped 0.18 percent, or $3.62, to $1,978.18 per ounce by 0316 Amman Time, according to GoldPrice.org, having jumped to $1,981.53 in early sessions on Monday.
Usually, stocks worldwide pick up on higher risk appetite as gold prices drop - Shutterstock
Likewise, December futures on the S&P/TSX index were down 0.4 percent, Reuters reported.
Typically, crises diverge capital from risk markets, such as equities and stocks worldwide, to safe havens, such as gold and precious metals.
A decline in both markets indicates a market that is shrouded in uncertainty.
Stocks worldwide: Markets summary by AFP and Bloomberg
London - FTSE 100: DOWN 0.8 percent at 7,345.96 points
Frankfurt - DAX: DOWN 1.1 percent at 14,642.06
Paris - CAC 40: DOWN 0.5 percent at 6,779.38
EURO STOXX 50: DOWN 0.7 percent at 3,996.10
Tokyo - Nikkei 225: DOWN 0.8 percent at 30,999.55 (close)
Shanghai - Composite: DOWN 1.5 percent at 2,939.29 (close)
Hong Kong - Hang Seng Index: Closed for holiday
New York - Dow: DOWN 0.9 percent at 33,127.28 (close)
Dollar/yen: UP at 149.98 yen from 149.84 yen on Friday
Euro/dollar: DOWN at $1.0594 from $1.0598
The Stoxx Europe 600 fell 0.5 percent as of 10:10 a.m. London time
S&P 500 futures fell 0.4 percent
Nasdaq 100 futures fell 0.4 percent
Futures on the Dow Jones Industrial Average fell 0.2 percent
The MSCI Asia Pacific Index fell 0.8 percent
The MSCI Emerging Markets Index fell 0.7 percent
Pound/dollar: DOWN at $1.2151 from $1.2164
Euro/pound: UP at 87.20 pence from 87.17 pence
