Gold Futures Prices Falls about 1% As Investors Book Profits Ahead of Brexit-Driven Rally

Gold Futures Prices Falls about 1% As Investors Book Profits Ahead of Brexit-Driven Rally

Gold futures prices fell about 1% in trade on Tuesday, as investors booked profits in wake of last week’s shock vote by the U.K. to leave the European Union.

Gold for August delivery on the Comex division of the New York shed $8.70, or 0.66%, to trade at $1,316.00 a troy ounce.

Spot gold was down 0.7 percent to $1,315.16 an ounce. It rose 0.7 percent on Monday

Sterling, global stock markets and almost all risk-sensitive products were all higher on Tuesday as traders picked up beaten assets after the vote in Britain to leave the EU with surprised financial markets last week.

Global stocks suffered the greatest defeat two days each time, as a selloff wiped about $3 trillion market.

Gold shot up 8 percent to $ 1,358.20 on Friday, the highest since March 2014, and was over 4.8 percent, its biggest daily gain since January 2009 as the British vote led investors to assets more insurance.

Investors, however, collected assets hit on Tuesday as the British pound and Asian emerging market currencies regained some footing and crude oil rebounded, reducing demand for gold. The safe haven asset is often perceived as a protection against the economic and financial risk.

Holdings in SPDR Gold exchange-traded fund, rose 1.40% to 947.38 tonnes on Monday, the highest since July 2013.

In futures trading, gold for delivery in August was trading Rs 245 or 0.78% down at Rs 31,303 per 10 gram at the Multi Commodity Exchange as participants lightened their positions, largely in tandem with a weak trend overseas.

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