{"id":16425,"date":"2011-12-06T17:32:00","date_gmt":"2011-12-06T17:32:00","guid":{"rendered":"https:\/\/www2.thestockmarketwatch.com\/stock-market-news\/gold-prices-slip-on-euro-zone-downgrade-risk\/16424\/"},"modified":"2011-12-06T17:32:00","modified_gmt":"2011-12-06T17:32:00","slug":"gold-prices-slip-on-euro-zone-downgrade-risk","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/gold-prices-slip-on-euro-zone-downgrade-risk\/16425\/","title":{"rendered":"Gold Prices Slip on Euro Zone Downgrade Risk"},"content":{"rendered":"<p><script type=\"text\/javascript\"><!--\ngoogle_ad_client = \"ca-pub-1408583772585547\";\n\/* SMW - News Links *\/\ngoogle_ad_slot = \"3490797620\";\ngoogle_ad_width = 468;\ngoogle_ad_height = 15;\n\/\/-->\n<\/script><br \/>\n<script type=\"text\/javascript\" src=\"http:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\">\n<\/script><\/p>\n<p><!--Ad Injection mfunc mode ad include code--><br \/>\n<!--mfunc include_once('\/mnt\/Target01\/327806\/www.thestockmarketwatch.com\/web\/content\/stock-market-news\/wp-content\/plugins\/ad-injection\/adshow.php') --><br \/>\n<!--\/mfunc--><\/p>\n<p><a href=\"https:\/\/thestockmarketwatch.com\/metal\/gold-price.aspx\">Gold prices<\/a> slipped for a second straight day today as investors reacted to the downgrade warning from rating agency Standard &amp; Poor\u2019s.<\/p>\n<p><span id=\"more-16425\"><\/span><\/p>\n<p>Late Monday, S&amp;P warned that it may downgrade the credit rating of euro zone countries, including triple-A rated Germany and France, if European policymakers do not come up with a concrete plan to contain the debt crisis at this week\u2019s European Union summit in Brussels.<\/p>\n<p><!--mfunc adshow_display_ad_file_v2(array('ad_random_1.txt'), array(100), array('align' => 'float right', 'clear' => '', 'margin_top' => '', 'margin_bottom' => '', 'padding_top' => '', 'padding_bottom' => ''), array(), array()) --><\/p>\n<div style=\"float:right;margin-left:5px;\"><script type=\"text\/javascript\"><!--\ngoogle_ad_client = \"ca-pub-1408583772585547\";\n\/* SMW - in News 300 *\/\ngoogle_ad_slot = \"5684630733\";\ngoogle_ad_width = 300;\ngoogle_ad_height = 250;\n\/\/-->\n<\/script><br \/>\n<script type=\"text\/javascript\" src=\"http:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\">\n<\/script><\/div>\n<p><!--\/mfunc--><\/p>\n<p>The announcement from S&amp;P came shortly after the French President Nicolas Sarkozy and the German Chancellor Angela Merkel called for a tighter fiscal union among euro zone countries. If euro zone countries do not agree to the plans outlined by Sarkozy and Merkel at this week\u2019s summit, the S&amp;P is likely to cut the credit rating of entire euro zone. Triple-A rated countries such Germany, Finland, Netherlands and Austria are likely to seek their credit rating downgraded by one notch, while France may see its credit rating downgraded by two notches.\u00a0 S&amp;P said that it will review the credit ratings of euro zone countries after the summit on Friday.<\/p>\n<p>Although the move from S&amp;P has been criticized by leaders of France and Germany, analysts say that the fear of a downgrade could push European policymakers to strike a deal at the summit. However, analysts also caution that if the summit falls short of expectations, it could lead to a harsh market reaction.<\/p>\n<p>Georgette Boele, Global Head of FX and Commodity Strategy at ABN Amro, told CNBC that investors could begin to close out positions ahead of the year end if they are disappointed about the summit this week.<\/p>\n<p>Investors are also keeping an eye on the European Central Bank (ECB) meeting, which will take place a day before the start of the summit in Brussels. The ECB is likely to cut <a href=\"https:\/\/thestockmarketwatch.com\/markets\/bonds\/today.aspx\">interest rates<\/a> in the euro zone to 1% or lower. A rate cut could boost <a href=\"https:\/\/thestockmarketwatch.com\/metal\/gold-price.aspx\">gold<\/a> as monetary policy easing raises inflation outlook.<\/p>\n<p>In a research note, analysts at Credit Suisse today said that $1,750 is a tough resistance to break and the market is in need of strong fundamental impetus to break above this mark. Credit Suisse analysts believe that Thursday\u2019s ECB meeting could provide such an impetus.<\/p>\n<p>Spot <a href=\"https:\/\/thestockmarketwatch.com\/metal\/gold-price.aspx\">gold prices<\/a> fell 0.1% to $1,723.49 an ounce today, following Monday\u2019s sharp decline. <a href=\"https:\/\/thestockmarketwatch.com\/metal\/gold-price.aspx\">Gold<\/a> <a href=\"https:\/\/thestockmarketwatch.com\/markets\/commodities\/today.aspx\">futures<\/a> for delivery in February on the Comex division of the New York Mercantile Exchange fell $2.70 to settle at $1,731.80 an ounce.<\/p>\n<p><a href=\"https:\/\/stockmarketwatch.com\/metal\/gold-price.aspx\" data-internallinksmanager029f6b8e52c=\"4\" title=\"gold price today\">Gold prices<\/a> also came under pressure from technical selling today. Carlos Perez-Santalla, Precious Metals broker at PVM <a href=\"https:\/\/thestockmarketwatch.com\/markets\/commodities\/today.aspx\">Futures<\/a> Inc., told CNBC today that technically the longer0term charts have been favoring the bears and consolidation looks to be the mode with last week\u2019s range of $1,700-$1,760 as the boundaries.<\/p>\n<p>Meanwhile, the SPDR Gold Trust (ETF) (<a href=\"https:\/\/thestockmarketwatch.com\/stock.aspx?stock=gld\">NYSE: GLD<\/a>) ended the day 0.51% higher at $168.18, the Market Vectors ETF Trust (<a href=\"https:\/\/thestockmarketwatch.com\/stock.aspx?stock=gdx\">NYSE: GDX<\/a>) ended the day 2% higher at $59.02, and the iShares Gold Trust (ETF) (<a href=\"https:\/\/thestockmarketwatch.com\/stock.aspx?stock=iau\">NYSE: IAU<\/a>) ended the day 0.54% higher at $16.87.<\/p>\n<p><a href=\"https:\/\/thestockmarketwatch.com\/metal\/silver-price.aspx\">Silver prices<\/a> rose sharply in trading today. At last check, spot <a href=\"https:\/\/thestockmarketwatch.com\/metal\/silver-price.aspx\">silver prices<\/a> were up 1.5% to $32.53 an ounce. The iShares <a href=\"https:\/\/thestockmarketwatch.com\/metal\/silver-price.aspx\">Silver<\/a> Trust (ETF) (<a href=\"https:\/\/thestockmarketwatch.com\/stock.aspx?stock=slv\">NYSE: SLV<\/a>) ended the day 2.83% higher at $31.93, the ProShares Ultra <a href=\"https:\/\/thestockmarketwatch.com\/metal\/silver-price.aspx\">Silver<\/a> (ETF) (<a href=\"https:\/\/thestockmarketwatch.com\/stock.aspx?stock=agq\">NYSE: AGQ<\/a>) ended the day 5.82% higher at $60.22, and the ProShares UltraShort <a href=\"https:\/\/stockmarketwatch.com\/metal\/silver-price.aspx\" data-internallinksmanager029f6b8e52c=\"5\" title=\"silver price today\">Silver<\/a> (ETF) (<a href=\"https:\/\/thestockmarketwatch.com\/markets\/nyse\/today.aspx\">NYSE<\/a>: ZSL) ended the day 5.71% lower at $12.05.<\/p>\n<p>Palladium jumped 5.71% to $666.25 an ounce today, after touching a three-week high. Palladium prices were boosted by short-covering following Monday\u2019s losses. Platinum, meanwhile, dropped 0.2% to $1,519.99 an ounce in trading today.<\/p>\n<p>More Posts by this author<\/p>\n<ul>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/recent-events\/business-news\/regulators-issue-five-more-citations-against-bp-for-gulf-of-mexico-oil-spill\/16500\"><br \/>\nRegulators Issue Five More Citations Against BP for Gulf of Mexico Oil Spill<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/recent-events\/business-news\/astrazeneca-to-slash-us-workforce-azn\/16499\"><br \/>\nAstraZeneca to Slash US Workforce (AZN)<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/market-updates\/stocks-end-on-a-mixed-note-13\/16498\"><br \/>\nStocks End on a Mixed Note<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/recent-events\/business-news\/gold-prices-rise-as-focus-remains-on-euro-zone\/16497\"><br \/>\nGold Prices Rise as Focus Remains on Euro Zone<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/market-updates\/stocks-struggle-for-direction-3\/16496\"><br \/>\nStocks Struggle for Direction<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/recent-events\/business-news\/d-boerse-and-nyse-consider-spinoffs-over-eu-uncertainties\/16490\"><br \/>\nD.Boerse and NYSE Consider Spinoffs Over EU Uncertainties<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/recent-events\/business-news\/citigroup-to-lay-off-4500-employees\/16489\"><br \/>\nCitigroup to Lay off 4500 Employees<\/a><\/li>\n<\/ul>\n<hr>\n<table style=\"border:none;margin:0;\">\n<tr>\n<td style=\"padding:5px;vertical-align:top;\" valign=\"top\">\n<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www2.thestockmarketwatch.com\/stock-market-news\/wp-content\/uploads\/2024\/08\/5.jpg\" alt=\"edliston\" width=\"125\" height=\"125\" class=\"photo\"><\/td>\n<td style=\"padding:5px;vertical-align:top;\" valign=\"top\">\n<div style=\"font-size:11pt;\"><b>Post Written By: Ed Liston <\/b><\/div>\n<div style=\"font-size:10pt;\">\n<p>Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.\n<\/p><\/div>\n<\/td>\n<\/tr>\n<\/table>\n<p><script type=\"text\/javascript\"><!--\ngoogle_ad_client = \"pub-1408583772585547\";\n\/* 336x280, created 7\/9\/11 *\/\ngoogle_ad_slot = \"3552319058\";\ngoogle_ad_width = 336;\ngoogle_ad_height = 280;\n\/\/-->\n<\/script><br \/>\n<script type=\"text\/javascript\" src=\"http:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\">\n<\/script><\/p>\n<div style=\"margin:5px;margin-bottom:20px;font-size:11pt;\">&laquo; <a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/\">Return to Stock Market News<\/a> &laquo; <\/div>\n","protected":false},"excerpt":{"rendered":"<p>Gold prices slipped for a second straight day today as investors reacted to the downgrade warning from rating agency Standard [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":50312,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center 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