Gold and silver prices changed direction and traded down along with the rest of
the market following the announcement that S&P will cut the credit rating of
France and Austria from AAA to AA+. The other leading rating agencies left these
countries rating unchanged for now. This news pulled down not only commodities
prices but also the Euro and other currencies against the U.S. dollar: crude oil
prices moderately declined, natural gas price also continued to decrease. Major
currencies such as Euro and Australian dollar sharply depreciated against the
U.S dollar. Here is a summary of the price developments of precious metals and
energy commodities for January 13th, 2012: Precious Metals Prices: Gold price
changed direction and sharply fell on Friday by 1.05% to $1,630.80; Silver price
also declined by 2% to reach $29.52. During January, gold price inclined by
4.1%, and silver price by 5.76%.
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