Gold rises over 1% on economy concerns

The price of gold surged more than 1% on Monday as the markets reacted to the news of Moody’s Investors downgrading the United States’ credit rating. Investors were seemingly concerned about the decision’s impact on the US economy, ostensibly heightening demand for safe-haven assets.At the same time, the move resulted in US Treasury bonds increasing above 5%, reaching the highest level since January this year.

Gold rose 1.04% at 9:22 am ET and sold for $3,232.61 per ounce, while silver added 0.27% at the same time, selling for $32.36 per ounce.

Meanwhile, Platinum went down 0.18% a minute later to exchange for $990.60 per ounce and palladium increased 0.49% to sell for $951.21 per ounce.