Gold has traditionally been considered a refuge for investors seeking shelter from a volatile stock market, though the big market tumble this month may have been an exception.

Despite the market’s first correction, or drop of at least 10% from a recent peak, in two years, there wasn’t much of a flight to gold or other safe-haven assets. In fact, the price of gold pulled back somewhat along with the drop in stocks, though it has held above $1,300 an ounce this year. The precious metal is up 7.5% over the past 12 months.

One reason the steep market sell-off may not have spurred a big move to gold is many economists and Wall Street experts still project strong global economic growth and improved company earnings this year.

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