The strength of the US dollar still negatively affects the performance of the gold price-
Asian stock indices fell after concerns about the US banking system led to a decline in Wall Street indexes and amid concerns closer to home about China's economic growth. Accordingly, the Japanese Nikkei 225 index lost 0.5% to 32232.60 in afternoon trading. Australia's S&P/ASX 200 rose 0.3% to 7,329.10. South Korea's Kospi Index rose 1.3% to 2,606.84. Hong Kong's Hang Seng fell 0.3% to 19,134.00, while the Shanghai Composite fell 0.4%, to 3,247.91.
In the United States, banking stocks declined after Moody's downgraded the credit ratings of ten small and medium-sized stocks. She cited a list of concerns about its financial strength, from the effects of rising interest rates to the work-from-home trend leaving office buildings vacant. Much higher rates have affected banks in particular. While downgrading 10 banks and putting another six under review, Moody's said the rapid rise in interest rates had led to conditions hurting industry earnings in general.
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