The Swiss franc hovered near record highs against the dollar and euro in Asia on Tuesday, having surged on the back of a global stock market rout as a crisis of confidence gripped investors.
Bank of America Corp (BAC.N) shares fell as much as 9.5 percent to their lowest level since April 2009 on Monday morning over fears of a slowing U.S. economy and challenges to a multi-billion dollar mortgage settlement.
Shares of major gold mining companies notched fresh gains in midday trading Monday as the price of the precious metal topped $1,700 per ounce.
U.S. stock index futures tracked a sharp drop in global equity markets on Monday after rating agency Standard & Poor's cut the top-tier AAA credit rating of the United States, rattling already-jittery investors.
Gold vaulted above $1,700 an ounce for the first time on Monday after pledges by the G7 and the European Central Bank to quell the turbulence in the financial markets did nothing to put investors at ease.
A first-ever debt downgrade of U.S. government bonds plus worries over contagion in Europe drive investors to the safety of gold.
Global investors flock to precious metal as safe haven.
The European Central Bank said on Sunday it would "actively implement" its controversial bond-buying programme to fight the euro zone's debt crisis, signaling it will buy Spanish and Italian government bonds to halt financial market contagion.
European governments will increase the size of the EU's emergency rescue fund if need be and are determined to follow through on a plan to contain a debt crisis, French Finance Minister Francois Baroin said on Monday.
World stocks racked up more losses on Monday on deep-rooted jitters about the U.S. ratings cut, but signs the European Central Bank was buying Italian and Spanish debt gave some respite to battered bond markets.
U.S. gold futures and cash gold struck records in early Asian trade on Monday after the United States lost its top-tier AAA credit rating from Standard & Poor's in an unprecedented blow to the world's largest economy.
Italy and Spain's borrowing costs fell on Monday as reports filtered in that the European Central Bank was buying their bonds, lifting European shares and partly overcoming jitters about a rating downgrade for U.S. debt.
The European Central Bank stepped into bond markets on Monday, backing up a pledge to support Spain and Italy with the aim of averting financial meltdown in the euro zone, while the G7 and G20 offered soothing words to investors shaken by a historic downgrade of the U.S. debt rating.
Bullion roared to a record on Monday above $1,700 an ounce as an unprecedented downgrade to the U.S. credit rating sent investors scrambling out of riskier assets, hammering equity markets and the dollar.
The European Central Bank waved its big fire hose at blazing bond markets, then turned on a puny sprinkler.
Asian shares fell on Monday and the dollar languished near a record low against the Swiss franc, as investors took fright at a downgrade of the U.S. credit rating, while gold powered to another record just short of $1,690 an ounce.
The European Central Bank said on Sunday it would "actively implement" its controversial bond-buying programme to fight the euro zone's debt crisis, signaling it will buy Spanish and Italian government bonds to halt financial market contagion.
The European Central Bank said on Sunday it would actively implement its controversial bond-buying programme to fight the euro zone's debt crisis, signaling it will buy Spanish and Italian government bonds to halt financial market contagion.
The European Central Bank will intervene decisively on markets to protect Italy and Spain from an accelerating debt crisis, a monetary source said on Sunday, indicating it would buy government bonds of the euro zone's third and fourth biggest economies.
The European Central Bank will decide whether to buy Italian government bonds to try to stem the euro zone's debt crisis from widening in a crucial conference call on Sunday evening (one p.m. EDT), ECB sources said.
Doubts are growing in the German government that Italy could be rescued by the European emergency fund, even if the fund were to be tripled in size, according to the German newsmagazine Der Spiegel.
China bluntly criticised the United States on Saturday one day after the superpower's credit rating was downgraded, saying the "good old days" of borrowing were over.