Gold Prices Hits 4-Week High $1,290 As Brexit Vote Shake Stocks

Gold Prices Hits 4-Week High $1,290 As Brexit Vote Shake Stocks

Prices of gold futures added to gains overnight on Monday, rising to a maximum of 4 weeks by a drop in the dollar and stocks were eliminated by increased risk aversion before meetings of key central banks this week and a vote June 23 on whether Britain should leave the European Union.

Gold for August delivery on the Comex Exchange rallied to a daily peak of $1,289.60 a troy ounce, the most since May 6. It last traded at $1,288.00.

Spot gold was up 0.8 percent at $1,283.66 an ounce, off an earlier peak of $1,284.50.

Nervousness ahead of the referendum on June 23 in Britain accession to the European Union after mounted U.K. Weekend polls suggested impetus to the campaign to leave the bloc is gradually gaining momentum.

Meanwhile, investors are looking ahead to the policy meeting of the Federal Reserve this week. The US central bank It not expected to make a decision on interest rates at the conclusion of its policy meeting two days on Wednesday.

The precious metal Gold for delivery in August was trading higher by Rs. 89 or 0.30 per cent to Rs. 30,173 per ten gram after the precious metal traded near three-week high in global markets.

In Delhi pure gold (99.9 purity) also rose by a similar margin to end at Rs 30,070 per 10 grams against Rs 29,590 previously.

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Posted in Commodity, MCX, Stocks Market

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