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Home Gold News Fitch’s US downgrade shakes markets

Fitch’s US downgrade shakes markets

by anna

Gold climbed on Wednesday as the U.S. dollar, Treasury yields and Asian stocks stumbled after Fitch downgraded the United States’ coveted triple-A credit rating, souring confidence in the economy and shoring up interest in safe-haven bullion.

Spot gold was up 0.3% at $1,949.29 per ounce by 0803 GMT, while U.S. gold futures rose 0.4% to $1,986.30.

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Fitch after the Wall Street close on Tuesday downgraded the U.S. government’s credit rating from AAA to AA+, citing fiscal deterioration over the next three years and a growing general government debt burden. [USD/] [US/]

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