Oil and gold prices surge as fears grow amid $700 billion bailout plan

Oil prices saw its biggest one-day gain ever on Monday, US light crude oil for October delivery spiked more than $25 a barrel briefly and hit $130 then fell back slightly and settled at $120.92 which was a huge gain of $16.37 this made it the biggest one-day dollar gain ever. Trading was stopped briefly after it first spiked $10 a barrel.

Oil peaked on July 11 at $147.27 but since then oil prices have been on a downward spiral as investors bet that slow global growth will weaken the demand for oil, but as of late they have bounced back up.
The government’s bailout plan is causing investors to become extremely volatile, with some investor dumping their shares and investing in gold hoping for a safer commodity.

COMEX gold for delivery in December shot up $44.30 and settled at $909 per ounce, gold has gone up since last week’s Wall Street crisis.

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