The flurry of European debt downgrades by rating agencies S & P coloring trading on Friday (13/01) of gold, which eventually fell by one percent.
Dollar up, by the sentiment of domestic economic data during this week which is quite solid. The euro slumped further on the other hand, even up close to its lowest level against the U.S. dollar in 17 months. This is due to fears of market participants will be the impact of the credit debt.
The fall of the Euro, coupled with a reduction in the stock market anyway, even Wall Street was forced to drop sharply with ballast JP Morgan shares fall after their fourth quarter financial report that worrying makes the price of commodities including gold fell.
Although the performance this week, gold prices are still able to record an increase of 1 percent from the previous week, but trading results on Friday declared that the gold in the spot market closed down 1 cent to $ 1,633.90 per ounce. While on an annual basis, the price of gold has increased by 5 percent so far this year. Gold prices could fall even up to 10 percent, but investors re-entered the market in December last.