Investing.com - Financial Markets Worldwide
Cyber Monday Deal: Up to 60% off InvestingProCLAIM SALE

Gold in yen hits day's highs after S&P cuts Japan

Published 01/27/2011, 03:08 AM
Updated 01/27/2011, 03:12 AM
GC
-

LONDON, Jan 27 (Reuters) - Gold priced in yen rallied to session highs on Thursday after yen came under broad pressure following a downgrade to Japan' sovereign ratings.

Ratings agency Standard & Poor's cut its rating on Japan's sovereign debt to AA- from AA and kept its outlook stable and said the downgrade reflected the view that the government's debt ratio would continue to rise. [ID:nTKX007174]

Yen/gold rose to a session high of 111,475 yen an ounce before trading at 111,297 yen at 0802 GMT, showing a 0.5 percent gain on the day.

Dollar-priced spot gold extended losses, touching an intraday low of $1,339.78 an ounce, down nearly 0.5 percent on the day, under pressure from the rise in the U.S. currency against the yen.

Gold's usual inverse correlation to the U.S. dollar has broken down in the last few trading sessions and on Thursday reached its most positive since mid-September.

(Reporting by Amanda Cooper; Editing by Alison Birrane)

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.