Gold bounced back after its biggest weekly decline in six months, with appetite for haven assets boosted by mounting concerns about the US economic outlook and budget deficit.
Bullion rose as much as 1.3% to around $3,245 an ounce in early Asian trading. That was after Moody's Ratings announced late Friday it was downgrading the US government's top credit rating of Aaa to Aa1. The agency blamed successive administrations' inability to cut the budget deficit.
-
Indian Markets Turning Corner After Two Tough Years, Says Sandeep Tandon -
NDTV Profit Ignite 2026: Experts See Opportunity In Equities, Stay Bullish For Long-Term -
Buy Right, Sit Tight Does Not Work for Individual Stocks, Says Dinshaw Irani -
'Worst Is Behind': Quant MF Sees Market Bottom, Flags 'Extreme Euphoria' In Midcaps -
India's Mutual Fund Industry Could Become A $1 Trillion Opportunity, Say Fund Managers -
'Foreign Investors Are Baraatis': Raamdeo Agrawal's Take On LTCG Tax -
Stay Invested Through Market Cycles: Raamdeo Agrawal at NDTV Profit Ignite -
Ramesh Damani Remains Bullish On India For Next 20-30 Years, Sees Bargains Amid Market Weakness -
CAS Came After A Long Consultation Process: SEBI Chairman Tuhin Kanta Pandey AT NDTV PROFIT IGNITE -
Aim To Cut FPI Onboarding Time From Mth To Five Days: SEBI Chairman Tuhin Kanta Pandey AT NDTV PROFI
“While we recognize the US' significant economic and financial strengths, we believe these no longer fully counterbalance the decline in fiscal metrics,” Moody's said in a statement.
The precious metal has been volatile in recent months. It suffered the biggest weekly loss since November last week on easing geopolitical tensions, after a blistering rally that saw it climb above $3,500 an ounce for the first time last month. Gold is still up by more than one fifth this year, driven by geopolitical and economic uncertainties, trade tensions and inflows to exchange-traded funds.
Gold traded 1.2% higher at $3,231.13 an ounce as of 7:43 a.m. in Singapore. The Bloomberg Dollar Spot Index dipped 0.2%. Silver, palladium and platinum all rose.
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.