With One Hour To Go, Markets Are Still Getting Hammered, Gold Still Soaring

New York Stock Exchange Wall Street tradersREUTERS/Brendan McDermidTraders work on the floor of the New York Stock Exchange May 7, 2012.

It’s been a rough day and there’s no sign it’s easing up.

The Dow is now off -1.37% to 15,127. The S&P500 is down -1.35% to 1662. And the NASDAQ has lost -1.60% to 3,610.

Meanwhile, gold continues to surge, up 2.41% to $US1,365/oz.

Oil prices continue are getting support from Middle East unrest, with Brent futures up 0.66% to $US109.54 and WTI 0.43% to $US107.31.

The Obama administration canceled joint exercises with Egypt’s military as the death toll climbed to 525 in clashes between the government and pro-Mohamed Morsi supporters.

Europe already ended the day in a sea of red, led by London’s FTSE closing down -1.7%.

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