"The perception that a downgrade would even be possible for the U.S. is driving the gold market," Frank McGhee, the head dealer at Integrated Brokerage Services LLC in Chicago, told the news service. "The dollar is going to get whacked."
At 1:16 p.m. on Monday, gold futures climbed 0.55 percent, an $8.10 rise to $1,494.10 per troy ounce.
Another analyst said gold's allure will continue attracting investors' interest as a haven, particularly as the likelihood rises about the dollar's decreasing value.
"The odds are increasing that we're going to see a credit downgrade in the next few years," Matthew Zeman, a strategist at Kingsview Financial in Chicago, told the news service. "More and more people are looking to gold as the ultimate currency."
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