GoldCore Update: Gold Consolidates at $1,100 as UK Credit Rating Under Review

By Goldcore Bullion Services Team
10 November 2009 @ 08:33 am EDT

Gold

Gold is currently trading at $1,102/oz. In EUR and GBP terms gold is trading at €735/oz and £661/oz respectively.

Sterling lost ground against the dollar yesterday on news that Fitch Ratings, a rating agency, reported that the UK would be the most likely country to lose its AAA credit rating. If this were to happen, sterling would lose further ground to the major currencies, prompting prudent investors to buy gold and utilise its currency hedging properties. After 4 strong days for gold, pushing to successive highs, the metal slipped off slightly yesterday, dipping below $1,100/oz. It has regained some ground and is back above that level and looks to hold above the last level of support of $1,070/oz.

Silver

Silver is currently trading at $17.39/oz, €11.58/oz and £10.43/oz.

Platinum Group Metals

Platinum is trading at $1,354/oz and rhodium at $2,045/oz. Palladium is currently trading at $333/oz.

IBTimes Commodity Commentaries

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