Gold prices extended gains for a fourth straight session on Thursday, climbing to a two-week high as the dollar weakened following Moody’s downgrade of the U.S. credit rating. The AA+ rating cut renewed concerns about U.S. fiscal stability, boosting gold’s appeal as a hedge against financial uncertainty.
The dollar’s retreat against major currencies further supported bullion, with technical indicators pointing to potential further upside. Market focus now shifts to upcoming U.S. economic data that could influence the Federal Reserve’s policy path.
Analysts note the downgrade has complicated the Fed’s inflation fight while reviving gold’s safe-haven status. Physical demand from Asian buyers has emerged above $1,950/oz, providing additional support as traders await Friday’s jobs report for fresh market direction.
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