Gold Prices Re-approaches 2-year Highs Investors Seek Safe-Haven After Brexit Shocks

Gold Prices Re-approaches 2-year Highs Investors Seek Safe-Haven After Brexit Shocks

Prices of gold increased by more than 1 percent on Monday, again close to two-year peaks hit on Friday after a shock the United Kingdom vote to leave the European Union pushed investors to the safe haven asset.

U.S. gold for August delivery were up 0.5% at $1,329.0 an ounce, prices on Friday, up 4.39% after hitting peaks of $1,358.20. It was gold’s largest one day gain since September 2013 and the highest close since August 2014.

Spot gold had risen 1.30 percent to $1,332.55 an ounce, after touching a high of $1,335.30 earlier in the day.

The United Kingdom has voted almost 52% to 48% on Thursday to break the largest trading bloc in the world, which caused historic declines in stocks and currencies and investors to send them to seek safety in debt yen, gold and low-risk government.

Bullion is up 25% in the year to date, driven by concerns on overall growth and the adoption of negative real interest rates by central banks.

The verdict of the referendum probably means ambitions of the US Federal Reserve for two rate hikes this year have been put on hold.

Continuing its winning run, gold prices rose by another Rs 232 to Rs 31,922 per 10 gram in futures trade on Monday at the Multi Commodity Exchange for delivery in far-month October amid a firming trend overseas where gold surged for a second day as shock waves.

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