The spot gold market has been especially volatile lately, with the financial turmoil currently wreaking havok.  Today’s spot gold market jumped over 11%, and jumped as much as $90.40 to $870.90 an ounce in after-hours trading on the New York mercantile exchange.

The huge rally came after news of the Federal Reserve bailout of American International Group Inc. This enormous rescue comes just one day after Lehman Brothers, a 158-year-old investment bank went belly up, filing bankruptcy after finding no takers on the street.

A weaker dollar also triggered higher gold prices as worried investors shift to safe havens such as hard assets like gold, silver, and other precious metals.