Gold’s Safe Haven Status Could Further Assert Itself This Week
Gold ended this past week with strong gains as investors increasingly turned to safe-haven assets amid rising concerns about the reliability of the U.S. dollar. The uncertainty deepened after Moody’s downgraded America’s credit outlook, driving gold prices to $3,200 per ounce. As of the latest data, spot gold was trading at $3,361.2 per ounce. Investor interest in gold has also been boosted by a lackluster 20-year bond auction held by the U.S. Treasury, signaling waning confidence in American debt markets. The U.S. dollar mirrors this trend, having ended the week at a three-week low of 99 points. In a note,…