impact earthquake that struck Virginia on stock market

impact earthquake that struck Virginia on stock market, Gold prices august 24 2011 : GOLD set fresh lows for the day as the US stockmarket rallied, worrying gold traders, in the aftermath of an earthquake that struck Virginia. The magnitude-5.9 earthquake sent tremors up the East Coast, through Washington and up to New York.



Gold futures were recently down $US51.30, or 2.7 per cent, at $US1840.60 a troy ounce after touching a low of $US1833.00. "The stockmarket seems to be showing unusual stability even after an earthquake," said George Gero, vice-president with RBC Capital Markets Global Futures.



Gold traders are worried that a more stable equities market will give money managers the confidence to trim their gold holdings and invest more aggressively in stocks, which have been pummelled by sharp declines earlier this month.



Earlier in New York floor trading, gold futures snapped a six-day winning streak as some investors chose to collect the profits on their gold holdings as stronger equities tarnished gold's appeal.