{"id":44418,"date":"2023-08-04T09:25:18","date_gmt":"2023-08-04T13:25:18","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/gold-prices-end-slightly-lower-after-fitch-strips-u-s-government-of-top-tier-credit-rating\/"},"modified":"2023-08-04T09:25:19","modified_gmt":"2023-08-04T13:25:19","slug":"gold-prices-end-slightly-lower-after-fitch-strips-u-s-government-of-top-tier-credit-rating","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=44418","title":{"rendered":"Gold prices end slightly lower after Fitch strips U.S. government of top-tier credit rating"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002353207\" role=\"document\">\n<p>Gold and silver futures settled lower on Wednesday after Fitch Ratings lowered the U.S. government\u2019s credit rating Tuesday evening, following its warning it may do so earlier this year in the wake of the debt-ceiling fight in Congress, while the latest report shows the U.S. economy saw a robust gain in private-sector jobs in July, according to private payrolls processor ADP.<\/p>\n<div class=\"paywall\">\n<h2>Price action<\/h2>\n<ul class=\"articleList\">\n<li>\n      Gold futures for December delivery<br \/>\n        GC00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210034565\/delayed\" class=\"positive\">+0.51%<\/bg-quote><\/p>\n<p>        GCZ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210039381\/delayed\" class=\"positive\">+0.51%<\/bg-quote><br \/>\n       dropped by $3.80, or 0.2%, to settle at $1,975 per ounce on Comex.<\/p>\n<\/li>\n<li>\n      Silver futures for September delivery<br \/>\n        SI00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210315219\/delayed\" class=\"positive\">+0.24%<\/bg-quote><\/p>\n<p>        SIU23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/230611017\/delayed\" class=\"positive\">+0.24%<\/bg-quote><br \/>\n       lost 45 cents, or 1.9%, to end at $23.87 per ounce. <\/p>\n<\/li>\n<li>\n      Palladium futures for September<br \/>\n        PA00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210237962\/delayed\" class=\"negative\">-0.47%<\/bg-quote><\/p>\n<p>        PAU23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/236560919\/delayed\" class=\"negative\">-0.47%<\/bg-quote><br \/>\n       rose by $4.70, or 0.4%, to finish at $1,241.80 per ounce, while platinum futures for October<br \/>\n        PL00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210261555\/delayed\" class=\"negative\">-0.07%<\/bg-quote><\/p>\n<p>        PLV23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/237284959\/delayed\" class=\"negative\">-0.07%<\/bg-quote><br \/>\n       delivery fell by $10, or 1.1%, ending at $930.40 per ounce. <\/p>\n<\/li>\n<li>\n      Copper futures\u00a0<br \/>\n        HG00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210054311\/delayed\" class=\"negative\">-1.21%<\/bg-quote><\/p>\n<p>        HGU23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210058691\/delayed\" class=\"negative\">-1.21%<\/bg-quote><br \/>\n       declined by 6 cents, or 1.7%, to settle at $3.84 per pound. <\/p>\n<\/li>\n<\/ul>\n<h2>Market drivers<\/h2>\n<p>Gold prices pared gains to finish slightly lower on Wednesday, hurt by a stronger U.S. dollar and rising Treasury yields as investors assessed the Fitch Ratings\u2019 decision to lower the U.S. credit rating to AA+ from AAA. <\/p>\n<p>Not long after U.S. markets closed on Tuesday, Fitch Ratings announced it had cut the U.S. government\u2019s credit rating, citing expected fiscal deterioration over the next few years and \u201cthe erosion of governance\u201d exemplified by the standoff over raising the debt ceiling in May.<\/p>\n<p>Fitch had warned earlier this year that it was considering a downgrade. Following this decision, only one of the three major ratings houses rates the U.S. government\u2019s debt as top-tier: Moody\u2019s Investors Service. Standard &amp; Poor Global Rating has dropped its AAA rating for the U.S. back in 2011. <\/p>\n<p><strong>See:<\/strong> Fitch cuts U.S. credit rating: Here\u2019s what you need to know<\/p>\n<p>The decision had a mixed impact across U.S. financial markets, sinking stocks but leaving the U.S. dollar and the yellow metal little changed. Meanwhile, Treasury yields rose on rising debt sale expectations.<\/p>\n<p>The yield on the 30-year Treasury\u00a0<br \/>\n        BX:TMUBMUSD30Y<br \/>\n       rose 6 basis points to 4.165% from 4.104% late Tuesday. Tuesday\u2019s level was the highest since Nov. 9, according to Dow Jones Market Data. The yield on the 10-year Treasury<br \/>\n        BX:TMUBMUSD10Y<br \/>\n      \u00a0advanced 3 basis points to 4.072% from 4.048% Tuesday afternoon.  <\/p>\n<p><strong>See: <\/strong>How Fitch downgrade might impact Treasury\u2019s $1 trillion third-quarter borrowing plans<\/p>\n<p>\u201cThe\u00a0gold\u00a0market is going to struggle as long as re-steepening of the U.S. curve continues.\u00a0The VIX is rising and it seems Wall Street is getting nervous here,\u201d said Edward Moya, senior analyst at OANDA, in emailed commentary on Wednesday.\u00a0<\/p>\n<p>The Cboe volatility index, rose 15.5% to 16.1, the highest level since May 31, according to FactSet data.  <\/p>\n<p>The ICE U.S. Dollar Index<br \/>\n        DXY<br \/>\n       rose 0.2% to 102.55 on Wednesday afternoon. <\/p>\n<p>In U.S. economic data, the latest ADP report shows the private sector payrolls rose by 278,000 in May, according to the payroll services firm ADP on Thursday.<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/gold-silver-slightly-higher-after-fitch-strips-u-s-government-of-top-tier-credit-rating-a17c7e05?mod=investing\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gold and silver futures settled lower on Wednesday after Fitch Ratings lowered the U.S. government\u2019s credit rating Tuesday evening, following its warning it may do so earlier this year in the wake of the debt-ceiling fight in Congress, while the latest report shows the U.S. economy saw a robust gain in private-sector jobs in July, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":2098,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-44418","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Gold prices end slightly lower after Fitch strips U.S. government of top-tier credit rating | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Gold and silver futures settled lower on Wednesday after Fitch Ratings lowered the U.S. government\u2019s credit rating Tuesday evening, following its warning\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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