2011年7月6日 星期三
gold prices closed
gold prices closed higher on Tuesday
Moody's rating cut to junk Portugal, rising risk aversion boosted the gold market higher. New York Mercantile Exchange (COMEX) gold prices closed higher on Tuesday, COMEX8 gold contract settled up 30.1 cents at $ 1,512.7, after trading between 1486.2-1513.4 dollars.
Fundamentals, the international rating agency Moody's announced on Tuesday lowered Portugal rating from Baa1 to Ba2, outlook is negative. The agency increasingly worried that Portugal will not fully achieve deficit reduction and debt stabilization targets. Moody's statement that the ratings were lower part of Portugal due to return to a free market in the country before the second round of financing will be required. The report said: "Portugal in spending cuts, tax evasion, to achieve economic growth targets and support banking system, and has a big challenge, so do not rule out again the country's rating may be lowered Portugal's implementation of the Government's fiscal plan has been a marked slippage In addition to further dim the prospects of economic growth, coupled with private sector participation in the risk of rising debt restructuring, these factors can lead to further lowered the rating to be. ", the Portuguese government said that Moody's downgrades may not take into account the political support of saving measures also ignored the government announced last week that the special tax impact and reiterated the austerity measures to accelerate and deepen the commitment. Portugal downgrade makes the demand to re-hedge gold once again return to the market and to help strengthen. In addition, Moody's said the Chinese local government debt burden or audit estimates more than 3.5 trillion yuan, so that the banking sector may experience greater losses, and thus a threat to the credit rating. The news that cast more uncertainty cloud the market for gold to rise to power.
Moody's rating cut to junk Portugal, rising risk aversion boosted the gold market higher. New York Mercantile Exchange (COMEX) gold prices closed higher on Tuesday, COMEX8 gold contract settled up 30.1 cents at $ 1,512.7, after trading between 1486.2-1513.4 dollars.
Fundamentals, the international rating agency Moody's announced on Tuesday lowered Portugal rating from Baa1 to Ba2, outlook is negative. The agency increasingly worried that Portugal will not fully achieve deficit reduction and debt stabilization targets. Moody's statement that the ratings were lower part of Portugal due to return to a free market in the country before the second round of financing will be required. The report said: "Portugal in spending cuts, tax evasion, to achieve economic growth targets and support banking system, and has a big challenge, so do not rule out again the country's rating may be lowered Portugal's implementation of the Government's fiscal plan has been a marked slippage In addition to further dim the prospects of economic growth, coupled with private sector participation in the risk of rising debt restructuring, these factors can lead to further lowered the rating to be. ", the Portuguese government said that Moody's downgrades may not take into account the political support of saving measures also ignored the government announced last week that the special tax impact and reiterated the austerity measures to accelerate and deepen the commitment. Portugal downgrade makes the demand to re-hedge gold once again return to the market and to help strengthen. In addition, Moody's said the Chinese local government debt burden or audit estimates more than 3.5 trillion yuan, so that the banking sector may experience greater losses, and thus a threat to the credit rating. The news that cast more uncertainty cloud the market for gold to rise to power.
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