2011-07-13

Gold hit an intra-day high of $1,574.30 per ounce

Gold hit an intra-day high of $1,574.30 per ounce Wednesday afternoon following release of the Fed minutes and Moody’s downgrade of Ireland’s credit rating. In doing so, gold came within $3.10, or 0.2%, of its $1,577.40 record high from May 2.

Coupled with the Fed minutes revealing that some members of the Fed were considering additional monetary accommodations, Moody’s decision to cut Ireland’s rating to junk status helped lift the yellow metal higher.

Furthermore, the ratings agency placed Ireland on outlook negative, which signals an increased likelihood of a further downgrade in the future.

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