Gold Surrenders Gain, Closes Down

In the gold patch, the Market Vectors Gold Miners(GDX Quote) ETF was moving down 0.7% recently, while Yamana Gold(AUY Quote) was down 0.8%.

Elsewhere, shares of Freeport-McMoRan Copper & Gold(FCX Quote) were losing 2.2%.

Turning to the base metals, Comex copper contracts closed up a penny at $2.53 a pound.

Alcoa's(AA Quote) shares were recently losing 0.5% after Standard & Poor's downgraded its credit rating on the aluminum smelter.

The "action reflects our concerns and uncertainties about the impact the share repurchase program will have on the company's ability to reduce debt levels," an S&P press release stated.

As for news affecting the ferrous metals, Deutsche Bank upgraded shares of AK Steel(AKS Quote) to a hold rating from sell.

"Earnings growth in a declining market ... and M&A possibilities should continue to support the stock in 2007," the firm stated in a research summary. AK Steel's shares were recently up 0.4%.