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Gold [@GC.1
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] contracts for December delivery rose as high as $90 per troy ounce on Wednesday, up 11.58%, or its highest level since August 8 of this year. The move came as investors sought a safe-haven from high volatility in the markets. The CBOE Volatility Index [VIX
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], hit an intraday high of 35.76, its highest level since January 22, 2008 (Levels above 30 are regarded as highly volatile).
Gold, which is usually used as a hedge against inflation, is now up 0.14% year-to-date. In percentage terms, the top-ten largest moves in gold prices were between 1979 and the year 2000. Today's jump in gold prices is the largest percentage move since January 1975, when data was first recorded.
Top 10 Biggest Percent Moves (Prior to today)
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In dollar terms, a $90 rise in gold future contracts, would qualify as the largest dollar increase ever.
Top 10 Biggest Point Moves (Prior to today)
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Some of the companies that are up on the news include:
- Barrick Gold [ABX
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]
- Lihir Gold Limited [LIHR
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]
- Harmony Gold Mining [HMY
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]
- Agnico-Eagle Mines [AEM
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- Yamana Gold [AUY
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]
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Data is a real-time snapshot *Data is delayed at least 15 minutes