Gold Declines as Moody's Downgrades Lift Dollar, Touradji Sells

Spot gold dropped as much as 0.4 percent to $1,715.07 an ounce and traded at $1,715.88 at 12:34 p.m. in Singapore. Touradji Capital Management LP and GLG Partners LP sold their entire stakes in the SPDR Gold Trust, the biggest exchange- traded product backed by bullion, as of Dec. 31, according to quarterly filings to the U.S. Securities and Exchange Commission.

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"The ratings cut is negative for market sentiment and will drive a fresh round of haven demand for the dollar," said Wei Chishan, an analyst at Shanghai Metals Market. "This will pressure gold prices. However, there are many investors waiting to buy on dips, which will help to stem losses.