Gold rose today after credit rating cut increased to Italy, the pressure on European leaders to resolve the debt crisis of the euro area.
In the latest blow to the euro zone cut by Standard & Poor’s credit rating of Italian sovereign debt by one degree and said that the chances of growth of the Italian economy are getting weak and that the reforms that the government intends toimplement will not help much.
Gold shrugged off European shares rise, which usually reflects the improvement in risk appetite of investors. But European stocks rise led by defensive stocks that are considered a safe haven.
Spot gold rose in the latest treatment of 1.5% to 1806.40 Troy/per an ounce, the precious metal fell about one percent since the beginning of the week in the third weekly declinein a row, but analysts have ruled the market to decline more than that under the current severe uncertainty.
Silver rose 1.5% to the instant of $40.07 in every ounce and platinum prices rose 0.4% to1778.50 Troy/per an ounce, while palladium rose 0.2% to 714.97 Troy/per an ounce.