euro zone debt

Ireland’s credit rating was cut by Moody’s to junk this week. The ratings agency warned that the country would need a second round of bailout.

Ireland’s downgrade comes a week after Moody’s lowered the rating for Portugal to junk status with a similar advice to get a second bailout. The credit rating agency sees that private investors need to share the pain of helping sinking European nations.

Gold prices declined on increasing US dollar but euro zone debt concerns could limit losses as investors were worried with the lack of any resolution for the crisis in Greece.

The Greek prime minister said he would form a new government as euro zone finance ministers conceded that a deal on a second international bailout of the ailing country was now unlikely to be reached at a summit next week.

Gold prices steadied at their highest in about four weeks on Tuesday. The move was backed by investors’ concerns over the mess in Europe about a Greek debt default.

A Wall Street Journal report that Germany could make concessions on efforts to put together a bailout for Greece lifted the euro and boosted equities and base metals at the expense of perceived safe-havens such as gold or bonds.

Gold depreciated slightly in Thursday trades as concerns over euro zone debt are easing on strong demand for Portugal's bond sale.

Investors awaited debt auctions by Spain and Italy later in the day and the release of U.S. jobless claims after a recent pick up in U.S. economic data prompted some economists to beef up growth forecasts for the first half of 2011.

Spot gold fell $1.02 to $1,386.20 an ounce by 0611 GMT after rising as high as $1,388.90 on Wednesday as the U.S. dollar dropped against the euro.

Gold traded higher on Wednesday supported by high oil prices, lingering worries about the severity of the European debt crisis and a shortage of gold bars in Asia.

Spot gold rose $4.70 an ounce to $1,385.15 an ounce by 0303 GMT. Despite safe haven buying related to the crisis in the euro zone, bullion was well below a historical high of around $1,430 struck in December.

Gold prices remained steady during Monday trades as markets were concerned over the euro zone's financial stability. Besides, the stronger dollar impacted the sentiment while holdings in the top exchange-traded fund continued to decline.

Spot gold gained $1.05 at $1,369.85 an ounce by 0041 GMT, after finishing the first week of 2011 with a 3.6 percent decline.

U.S. gold futures was little changed at $1,370.3.

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During early European deals on Wednesday the Swiss franc surged up against majors on concerns over euro zone debt issue which prompted traders to bet on the safe-haven Swiss currency.

The franc soared to new record highs against the euro and the pound, 10-week high against the dollar and near an 8-month high against the yen.

Spot gold moved up on Wednesday supported by concerns over more ratings downgrades for indebted euro zone countries.

Spot gold rose $2.14 an ounce to $1,387.44 an ounce by 0033 GMT. Gold was well below a historical high of around $1,430 hit earlier this month.

U.S. gold futures for February eased $1.1 an ounce to $1,387.7 an ounce.

The International Monetary Fund announced on Tuesday the completion of the massive gold reserve sale it began a year ago, likely drawing to a close decades of bullion divestment from the public sector.

Gold prices almost unchanged on Tuesday after its near 1% rise in the previous session while euro zone debt concerns are likely to be the main supporting factor after tensions in the Korean peninsula eased.

Spot gold eased 35 cents to $1,384.55 an ounce by 0030 GMT after rising as high as $1,388.05 an ounce on Monday. Gold was well below a historical high of around $1,430 hit earlier this month.

U.S. gold futures for February hardly moved at $1,385.2 an ounce.

Precious metals prices at 0030 GMT