Gold is jumping again as investors seek safety amid a plunge in stock prices.
Gold gained 2 percent in regular trading Thursday but continued to rise in after-hours dealings.
Investors flocked to gold and other safe assets like Treasuries and the dollar as the stock market plunged. The Dow Jones industrial average sank nearly 1,000 points as the latest worries about Greece escalated, but regained much of those losses to close down about 350.
The dollar gained about 1 percent against a basket of six other currencies, and Treasury yields dropped sharply as their prices shot higher.
Gold for June delivery jumped $22.30 to settle at $1,197.30 an ounce, and later rose above $1,200 in late trading.
Investors have been pulling out of riskier assets like stocks because of uncertainty surrounding Europe's debt problems. There are concerns that debt troubles in Greece could spread to other countries in Europe. That could slow an economic recovery as well as destabilize the euro, which is used by 16 European nations.
Gold is unlike many other commodities, which more typically trade because of their physical uses, said James Steel, an analyst with HSBC in New York. Gold's value as a safe, alternative investment is the primary driver of heavy trading right now, he said.
Most other commodities were on the other end of the trading spectrum, falling throughout the day because of uncertainty about Europe's debt problems and its potential impact on the economy. The stock market plunge came late in the day, as trading in many commodities was winding down.
Copper for July delivery fell 3.45 cents to settle at $3.117 a pound. Silver fell 1.9 cents to $17.515 an ounce.
Crude oil lost $2.86 to settle at $77.11 a barrel on the New York Mercantile Exchange. Oil hit $73.71 on Feb. 16 and has lost almost $10 a barrel since Monday.
Natural gas prices fell after a new report showed supplies continue to grow. Natural gas for June delivery dropped 6.2 cents to settle at $3.929 per 1,000 cubic feet.
In other June energy contracts, gasoline fell 6.41 cents to $2.1563 per gallon. Heating oil fell 7.08 cents to $2.1137 a gallon.
Grains and beans mostly fell. Investors are keeping a close eye on the oil spill in the Gulf of Mexico to see if it disrupts a key passage out of the Mississippi River. If the passage is closed, it would disrupt exports of grains and likely further damage prices.
July wheat fell 3.75 cents to settle $5.0825 a bushel, while corn fell 1.75 cents to $3.7125 a bushel. Soybeans dropped 24 cents to $9.54 a bushel.
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