WTI crude oil closed below $89 a barrel and natural gas fell nearly 2%. The SPDR Gold Shares trust (NYSEMKT: GLD) lost 8.8% today to close at $131.31 after posting a new 52-week low of $130.51 earlier today.
Among equities, gold mining stocks took the brunt of the punishment with Barrick Gold Corp. (NYSE: ABX), Freeport McMoRan Copper & Gold Inc. (NYSE: FCX), and Newmont Mining Corp. (NYSE: NEM) down across the board.
The slide is related to a slower-than-expected growth rate in China’s GDP, which rose just 7.7% in the first quarter. Also factoring in were lower-than-expected readings on home builder confidence and the Empire State manufacturing index.
Rather than dig in for more gold to guard against inflation, investors turned to U.S. government bonds. Yield were down by about 4 basis points on 10-year notes and about 5 basis points on 30-year bonds.
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