Gold Consolidates at $1,100 as UK Credit Rating Comes Under Review

By: GoldCore

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.

The Bullion Services Team

WINNERS MoneyMate and Investor Magazine Financial Analysts 2006

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