Gold is spiking on market fears

Gold futures are up 0.8% as investors seek safety from Tuesday’s down market. Both the Dow Jones industrial average and S&P 500 are on track for their first declines of at least 1% since October 11.

Gold usually moves higher when there is fear, uncertainty, or volatility in markets.

So far this year, gold has gained 8.5%, after bottoming out in late December.

After a big comeback during the first half of 2016, gold prices fell dramatically from $US1387 per ounce in July 2016 to $US1127 per ounce in December.

Two of the more popular gold exchange-traded funds are also seeing a bid on Tuesday.

The GLD SPDR Gold Trust ETF is up 0.7% and the GDX Market Vectors Gold Miners ETF, which tracks the performance of the Gold Miners Index is higher by 2.15%.

Get the latest Gold price here.

NOW WATCH: 7 mega-billionaires who made a fortune last year

NOW WATCH: Money & Markets videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.