Moody's Downgrades Ireland. Gold Firms on Sovereign Debt Concerns

Crude oil prices weakened as worries over global economic slowdown linger. The front-month contract for WTI crude oil initially climbed to a 3-day high of 108.74 before retreating while the equivalent Brent crude contract fell for a second consecutive day. Gold remained strong with the benchmark contract hovering around the record level of 1408.5. The downgrade of Ireland's credit rating by Moody's, and higher-than-expected inflation in India and China bolstered the metal.

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Moody's Downgrades Ireland. Gold Firms on Sovereign Debt Concerns