Gold Falls to $1,384 on US Ratings Upgrade

Spot gold fell as low as $1,375.99 an ounce June 10 — a near two-week low, before recovering 0.1 percent to $1,384.79, Reuters reported. Gold fell today due to a decision by Standard & Poor to revise the sovereign credit outlook for the US to stable from negative.

The metal also did poorly amid speculation the U.S. Federal Reserve will slow bond purchases as the economy strengthens, Bloomberg said.

June 7 saw the biggest one-day drop (more than 2 percent) for gold in a month after stronger-than-expected U.S. payrolls data was released.

The data showed the United States added 175,000 workers in May, compared to an estimate of around 163,000.

Gold futures for August delivery were also down on the Comex in New York. The metal reached a low of $1,375.60 today.

Bloomberg reported gold has fallen 18 percent this year.