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Business

January 17, 2012

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Gold steady after S&P downgrades

Gold steady after S&P downgrades
SINGAPORE: Spot gold traded steady on Monday, weighed down by a strong dollar after mass downgrades of Eurozone nations by Standard & Poor’s on Friday, while its safe haven appeal could benefit from renewed fears about the Eurozone debt crisis. Gold posted its biggest one-day drop in 2-1/2 weeks on Friday, as France and Austria were stripped of their coveted triple-A ratings amid the downgrades of nine Eurozone nations, and Greece’s talks with creditor banks stalled.
The single currency fell to its lowest against the dollar since August 2010, and was expected to remain under pressure. Spot gold edged up 0.2 percent to $1,642.59 an ounce by 0712 GMT, rising above the 200-day moving average near $1,638. Prices rallied 5 percent this year, boosted by safe haven bids on troubles in the Eurozone and tension between Iran and the West over the past two weeks.
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