Gold Prices Rallied SInce 2008 Global Financial Crisis, After Shock British Vote To Exit EU

Gold Prices Rallied SInce 2008 Global Financial Crisis, After Shock British Vote To Exit EU

Prices of gold futures rallied the most since the 2008 global financial crisis, with support as a safe haven asset on Friday as major central banks were quick to calm global markets after a surprising decision voters in the UK to approve a referendum that clears the way for a British exit from the European Union shook the commodity markets, forcing a selloff in riskier assets and a rush to safe havens.

On the Comex Exchange, Gold for August delivery closed at $1,319.75, up $56.55 on the session.

Spot gold prices was up 5.1% at $1,319 an ounce, after rising as much as 8.2 percent to $1,358.20, the strongest since March 2014. Gold had surged nearly 11 percent in September 2008.

In London, UK Prime Minister David Cameron announced intentions to resign in October after voters U.K. they decided to leave the EU by a margin of 52-48%. Earlier as a vote Leave grew more and more likely, the pound dropped as low 10% against the US dollar to an intraday low at 1.3231, its lowest level in three decades.

While the major world’s central bankers convened in Basel to implement a contingency plan for emergencies, Bank Governor of England, Mark Carney, he said the Bank has allocated 250 million £ additional liquidity and act if necessary to help the British economy.

“Inevitably, there will be a time of uncertainty and setting following this result,” Carney said Friday morning. “There shall be no initial change in the way that our people can travel, how our products can move or how of our services you can sell.”

“It will take some time for the United Kingdom to establish new ties with Europe and the rest of the world, some markets and economic volatility can be expected as this process unfolds. But we are well poised for this … The Bank will not hesitate to take any additional measures necessary as markets adjust and the United Kingdom economy moving forward.”

Gold contract for August delivery on the Multi Commodity Exchange was up 6 per cent at Rs 31,708 per 10 grams, the highest level since Sept. 9, 2013 following gains in overseas markets and on a weaker rupee.

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