Late Market Update
After a volatile session, gold has widened its losses. Close to the end of the floor trading session, gold for August delivery dropped 1.4% to $1,240.60 an ounce on Comex. China’s decision to allow more flexibility for its currency prompted investors to shift their focus back to the stock market, resulting in gold moving into the negative territory. According to analyst George Gero of RBC Capital, “As stocks pared gains, some buyers had second thoughts on precious metals as well."
Moody's Investors Service has upgraded senior unsecured debt ratings of the US unit of DirecTV Group Inc (NYSE: DTV), DirecTV Holdings LLC, from “Baa3” to “Baa2.” The upgrade in the rating was based on the recapitalization of John Malone's stock. The ratings outlook for the company was stable. Neil Begley, a Moody's senior vice president, mentions, "The upgrades reflect a reduction in long-term governance risk associated with the change from effective control by the Malones to a substantial though significantly less influential stake in the company."
US Natural Gas Fund (NYSE: UNG) dipped around 3% after opening high. As per the share volume, the $3.1 billion exchange-traded fund was among the list of most active ETFs today. UNG has soared 10% to date in June.
Read more from Benzinga's Markets.
