{"id":18902,"date":"2012-01-13T17:18:00","date_gmt":"2012-01-13T17:18:00","guid":{"rendered":"https:\/\/www2.thestockmarketwatch.com\/stock-market-news\/gold-prices-slip-on-euro-zone-downgrade-worries\/18803\/"},"modified":"2012-01-13T17:18:00","modified_gmt":"2012-01-13T17:18:00","slug":"gold-prices-slip-on-euro-zone-downgrade-worries","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/gold-prices-slip-on-euro-zone-downgrade-worries\/18902\/","title":{"rendered":"Gold Prices Slip on Euro Zone Downgrade Worries"},"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--><!--mfunc include_once('\/mnt\/Target01\/327806\/www.thestockmarketwatch.com\/web\/content\/stock-market-news\/wp-content\/plugins\/ad-injection\/adshow.php') --><!--\/mfunc--><\/p>\n<p><a href=\"https:\/\/thestockmarketwatch.com\/metal\/gold-price.aspx\">Gold prices<\/a> fell sharply in trading as the U.S. dollar surged against the euro following reports which suggested that Standard &amp; Poor\u2019s will downgrade the credit rating of several euro zone economies.<\/p>\n<p><span id=\"more-18902\"><\/span><\/p>\n<p>According to French television channels, which cited a government source, S&amp;P downgraded France\u2019s credit rating.<\/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><a href=\"https:\/\/thestockmarketwatch.com\/metal\/gold-price.aspx\">Gold<\/a> tracked equities and other riskier assets in trading today. <a href=\"https:\/\/thestockmarketwatch.com\/metal\/gold-price.aspx\">Spot gold<\/a> fell 0.72% to $1,637.90 an ounce. <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 slipped $12.40 to $1,635.60 an ounce.<\/p>\n<p><a href=\"https:\/\/stockmarketwatch.com\/metal\/gold-price.aspx\" data-internallinksmanager029f6b8e52c=\"4\" title=\"gold price today\">Gold<\/a> had fallen sharply in December on worries about the euro zone debt crisis. However, the precious metal has started 2012 on a stronger note even as worries about the debt crisis persist. Despite today\u2019s losses, gold is nearly 5% higher in the first two weeks of 2012.<\/p>\n<p>Anne-Laure Tremblay, analyst at BNP Paribas, told Reuters today that gold tends to be supported by mild to strong risk aversion, however, when risk aversion rises to very high levels, gold tends to be sold off alongside risky assets. Tremblay also said that sovereign issues in the euro zone are clearly not over and we may see further bouts of price correction in the gold market over the coming months.<\/p>\n<p>The euro today dropped more than 1% against the U.S. dollar, hitting a 16-month low as traders bet against the single currency.<\/p>\n<p>Despite the euro zone worries, some analysts believe that the outlook for gold is good this year. Michael Lewis, analyst at Deutsche Bank, told Reuters today that central banks are diversifying, which is a bigger flow story than exchange-traded fund (ETF) buying. Lewis also expects dollar weakness to comeback. He continues to like the gold story because of negative real <a href=\"https:\/\/thestockmarketwatch.com\/markets\/bonds\/today.aspx\">interest rates<\/a>.<\/p>\n<p>Gold has received a boost recently by strong demand from China. However, gold buying in China is expected to ease off as the Lunar New Year celebrations get underway.<\/p>\n<p>Earlier today, UBS said in a research note that it would expect that physical interest will have trailed off significantly out of China by the later of next week. UBS said that nonetheless it is important to highlight that the market doest not have the same expectations for Chinese gold imports in the lead-up to the holidays, compared to those seen last year and as the most recent Hong Kong trade statistics to China revealed, the market shipped in very impressive volumes before year-end, which probably suggests that there is not much of shortage of gold internally to meet local demand.<\/p>\n<p>Gold demand also picked up in India after the rupee rose to its highest level in five weeks against the U.S. dollar.<\/p>\n<p>Gold <a href=\"https:\/\/thestockmarketwatch.com\/markets\/etfs\/today.aspx\">ETFs<\/a> also fell in trading today. The SPDR Gold Trust (ETF) (<a href=\"https:\/\/thestockmarketwatch.com\/stock.aspx?stock=GLD\">NYSE: GLD<\/a>) ended the day 0.70% lower at $159.26, the Market Vectors ETF Trust (<a href=\"https:\/\/thestockmarketwatch.com\/stock.aspx?stock=GDX\">NYSE: GDX<\/a>) ended the day 1.22% lower at $54.05, and the iShares Gold Trust (ETF) (<a href=\"https:\/\/thestockmarketwatch.com\/stock.aspx?stock=IAU\">NYSE: IAU<\/a>) ended the day 0.68% lower at $15.97.<\/p>\n<p><a href=\"https:\/\/thestockmarketwatch.com\/metal\/silver-price.aspx\">Silver prices<\/a> also fell sharply in trading today. At last check, <a href=\"https:\/\/thestockmarketwatch.com\/metal\/silver-price.aspx\">spot silver<\/a> was down 2.05% to $29.64 an ounce.<\/p>\n<p>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 1.71% lower at $28.81, 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 3.36% lower at $47.47, 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 3.17% higher at $13.65.<\/p>\n<p>Palladium and platinum also fell in trading today. At last check, spot platinum was down 0.37% to $1,485.49 an ounce, while spot palladium was down 0.31% to $634.25 an ounce.<\/p>\n<p>Despite today\u2019s drop, platinum rose sharply for the week.<\/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\/southwest-airlines-announces-cabin-makeover-luv\/19043\"><br \/>\nSouthwest Airlines Announces Cabin Makeover (LUV)<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/recent-events\/business-news\/kraft-foods-announces-steps-to-position-for-a-successful-spinoff-expects-strong-2011-results-kft\/19042\"><br \/>\nKraft Foods Announces Steps to Position for a Successful Spinoff; Expects Strong 2011 Results (KFT)<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/recent-events\/business-news\/gold-and-silver-prices-remain-in-green-in-mid-day-trading-4\/19041\"><br \/>\nGold and Silver Prices Remain in Green in Mid-Day Trading<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/market-updates\/stocks-extend-gains-on-chinese-economic-data\/19038\"><br \/>\nStocks Extend Gains on Chinese Economic Data<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/recent-events\/business-news\/verso-paper-preliminary-results-for-the-fourth-quarter\/19030\"><br \/>\nVerso Paper &#8211; Preliminary results for the fourth quarter<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/recent-events\/business-news\/td-ameritrade-holding-maintaining-industry-leading-growth-rate\/19026\"><br \/>\nTD Ameritrade Holding &#8211; Maintaining industry-leading growth rate<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/recent-events\/business-news\/forest-laboratories-fiscal-2012-guidance\/19024\"><br \/>\nForest Laboratories &#8211; Fiscal 2012 Guidance<\/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 fell sharply in trading as the U.S. dollar surged against the euro following reports which suggested that 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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