Gold News & Info

Source: Marketwatch

San Francisco— Gold futures recouped some of their recent losses Thursday, again approaching $1,400 an ounce after suffering two days of declines. Gold for February delivery added $9.60, or 0.7%, to $1,392.80 an ounce on the New York Mercantile Exchange. Silver for March delivery added 56 cents, or 2%, to $28.82 an ounce. Gold got some support from continued concerns about Ireland�s fiscal health, said Adam Klopfenstein, a senior market strategist at Lind Waldock in Chicago.

Fitch Ratings downgraded Ireland�s debt to triple-B-plus, the third-lowest investment-grade rating, citing the costs of restructuring the country�s banking system and the loss of access to affordable funding in the market. A news report also said Ireland�s Labour Party could vote against the 85-billion-euro bailout. �Gold should remain in demand as a �safe haven,� not least because of the persistent uncertainty about the debt crisis in euro zone peripheral countries,� analysts at Commerzbank said in a note to clients Thursday. See full story.