GOLD

Toronto's main stock market index sank more than 3 percent to its lowest point in nearly a year on Monday as a downgrade of the U.S. credit rating shook investor confidence globally and drove commodity prices sharply lower.

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.

Standard & Poor's lowered its long-term debt rating for the U.S. to AA+, while Moody?s and Fitch maintained their ratings.

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.

In opening minutes of trading, the Dow Jones Industrial Average is down 1.2 percent, S&P 500 has slid 2.2 percent and Nasdaq has fallen 3.1 percent.

U.S. markets shed as much as two percent at the open Monday, on news of the S&P's U.S. debt rating downgrade and subsequent plummets in global markets overnight.

Global investors flock to precious metal as safe haven.

The top pre-market NASDAQ Stock Market gainers are: BroadSoft, Qiagen, and Randgold Resources. The top pre-market NASDAQ Stock Market losers are: Hercules Offshore, ZAGG, Rambus, Caribou Coffee Company, Ariad Pharmaceuticals, and Central European Media Enterprises.

Consumer technology giant Apple is set to gain share in the computing market during the second half, helped by new operating systems in desktop and mobile space.

Moody's says a future downgrade of the U.S. credit rating from AAA is possible. Also, global markets reacted harshly overnight to S&P's U.S. credit rating downgrade announced late Friday.

Global markets plummeted overnight night as news of the U.S. downgrade. Monday is the first day of trading in the U.S. and futures pointed sharply lower early by 6:30 a.m.

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.

Bullion roared to record highs above $1,700 an ounce on Monday 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 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.

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.

Where can investors hide when even gold and cash look dicey?

The United States lost its top-notch AAA credit rating from Standard & Poor's on Friday, in a dramatic reversal of fortune for the world's largest economy.

The new coach makes his debut with the U.S. team.