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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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