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Moody's has stripped France off its coveted AAA rating citing uncertain fiscal outlook and deteriorating economy.

20 Nov 2012

LONDON (Commodity Online): With a stronger dollar weighing down on sentiments, gold's 1% uptick was sealed even as Middle East simmered and Moody's downgraded France's credit rating. At the mid price of $1733.65 as of 11.43 am IST, spot gold prices are relatively steady.

On the Comex, Gold for December delivery climbed 0.05% and touched $1733.55 as of 11.45 am IST. On India's MCX December gold was seen trading at Rs.31725 a gain of 0.09%.

Moody's has stripped France off its coveted AAA rating citing uncertain fiscal outlook and deteriorating economy.

Meanwhile, reports suggest that US home resales climbed in October and homebuilder sentiment-gauge hit a a six-year high in November, bringing some cheer and lending upside to dollar.

The Bank of Japan is poised to keep its monetary policy on a loose leash even as its likely next Prime Minister is expected to continue with "unlimited" easing.

Also, Israeli leaders are weighing the pros and cons of sending tanks and infantry to Gaza after six days of battles which saw death of scores of Palestinians.


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