Gold Strengthens for the Second Day as USD Slides, Sovereign Crisis Persists

While S&P and Moody's potential downgrades of Greece's credit rating has renewed market worries about sovereign default risk, USD also declines as the chance of an early Fed rate hike reduces. These factor help support gold prices in the near-term. The benchmark contract for gold surges for the second day to 1110.5 (intra-day high 1114.5).

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Gold Strengthens for the Second Day as USD Slides, Sovereign Crisis Persists