Gold fell 1 percent on Friday, after the dollar surged against the euro and fears about an imminent credit downgrade of euro zone countries prompted bullion investors to take profits on the recent rally.
The metal fell along with U.S. equities and other commodities as ratings agency Standard & Poor's was poised to lower ratings of several euro zone countries including France and Austria.
The news rattled markets in the first blow of the new year for the troubled single currency. The euro sank to a 16-month low at under $1.27, while the price of safe-haven U.S. Treasuries climbed.
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