Fitch had warned earlier this year that it was considering a downgrade. Following this decision, only one of the three major rating agencies rates US government debt as top-tier: Moody’s Investors Service. Standard & Poor’s Global Ratings had downgraded the AAA rating for the US in 2011.

The decision had a mixed impact across US financial markets, sinking stocks but leaving the US dollar and yellow metal little changed. Meanwhile, government bond yields rose as expectations of a bond sale increased.

The yield on 30-year government bonds rose 6 basis points to 4.165 percent from 4.104 percent on Tuesday (8/1). Tuesday’s level was the highest since Nov. 9, according to Dow Jones Market Data. The 10-year yield rose 3 basis points to 4.072 percent from 4.048 percent a day earlier.

“The gold market will struggle as long as the US yield curve steepens again,” said Edward Moya, senior analyst at online trading platform OANDA, in a commentary on Wednesday (8/2).