Gold futures set for higher-than-expected $4.6 billion, market cap hit $4 billion
Gold futures are set for an immediate price increase of nearly $4 Billion on Tuesday.
Gold is a precious metal that was traded as a hedge against inflation, a move that prompted many people to panic and move into stocks.
It is a symbol of the world’s reserve currency.
On Monday, the U.S. benchmark S&P 500 was up 1.4%, or $1.6 per share, at 3,084.52.
The Dow Jones Industrial Average rose 0.4% to 22,984.63.
Gold futures have risen in recent months on concerns that the U,S.
dollar will strengthen, a trend that has helped the dollar to appreciate against a basket of major currencies.
The Dow Jones average is up more than 1,300 points since last week, while the S&P 500 has gained about 1,000 points.
The U.K. index is up 1,878 points, or 1.3%, while the European Union is up 688 points, a rise of 1.6%.
The dollar has surged against the yen and other currencies, which are rising in tandem with the rise in the dollar.
Gold was trading around $3,856 an ounce on Monday, slightly higher than Monday’s close.
The dollar index, which measures the greenback against the greenbacks other major trading currencies, is up about 4% this year and has risen to around $1,700.