By Andrea Tse 03/15/10 – 03:13 PM EDT
NEW YORK (The Street) — New York spot gold prices are rising in midday trading following warnings by Moody’s Investors Services that the U.S. is at risk of losing its esteemed credit rating unless the country gets its fiscal affairs in order.
“Sovereign debt credit rating apprehensions once again arose in the markets as the mid-March sessions got underway worldwide,” Kitco analyst Jon Nadler writes. “Such jitters lent fresh support to the precious metals complex overnight, however gains in gold were facing a stronger dollar, and the other side of the credit fears spectrum: that of China tightening in the near future.”
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