Oil Surges on Mississippi Flood, Gold Shines amid Greece's Downgrade
SylviaHunt30Sovereign crisis in the European periphery returned to the driver's seat last night as S&P downgraded Greece's credit rating from BB- to B. At the same time, Moody's placed Greece on negative watch while Fitch is speculated to lower its BB+ rating soon. Gold was appealing as an alternative to fiat currencies. The benchmark Comex contract soared for a second day to as high as 1513.9 before settling at 1503.2, up +0.78%.
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Oil Surges on Mississippi Flood, Gold Shines amid Greece's Downgrade
