Most commodities declined today, reacting to the downgrade of the US credit rating by Standard & Poor’s on Friday, while gold posted a new record, rising above $1,700.
All three major agencies (Moody’s Investor Service, Fitch Ratings and Standard & Poor’s) signaled about possible downgrade of the US credit rating in the future, while S&P actually cut the rating one step to AA+ and kept the outlook on “negative”. This move erased any optimism that had remained on markets and caused a drop of most commodities. Gold, on the other hand, took its chance and jumped to yet another record.
The MSCI
December futures for delivery of gold gained $49.90 (3 percent) to $1,701.70 per ounce as of 9:06 on COMEX after earlier it reached the
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