Gold, silver slightly higher after Fitch strips U.S. government of top-tier credit rating

Gold and silver futures edged higher Wednesday after Fitch Ratings downgraded the U.S. government’s credit rating Tuesday evening, following its warning it may do so earlier this year in the wake of the debt ceiling fight in Congress.

Price action Market drivers Not long after U.S. markets closed on Tuesday, Fitch Ratings announced it had cut the U.S. government’s credit rating to AA+ from AAA, citing expected fiscal deterioration over the next few years and “the erosion of governance” exemplified by the standoff over raising the debt ceiling.Fitch had warned earlier this year that it was considering a downgrade. Following this decision, only one of the three major ratings houses rates the U.S.

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