Gold dropped from one-week highs today as the US dollar turned around quite swiftly following an all-pervasive spell of global risk aversion as the PIIGS worries resurfaced with Global ratings agency Moodys cutting Portugals credit rating almost to junk status and a rather surprising interest rate hike from China ensuring that the global growth moderation talk gathers more steam. Euro slid to lows of near 1.4300 against the US dollar and capped the gains for Gold, which seemed to be extending its massive overnight gains in Asian trades.
Commodity News : Gold Drops From One Week Highs
Posted on Wednesday, July 06, 2011 by Unknown in
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on Wednesday, July 06, 2011
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