Gold Edges Down As Calm Returns, Brexit Political Uncertainty Limits Losses

Gold Edges Down As Calm Returns

In gold prices fell in trading Thursday after rising up to 1 percent, as investors continued to digest the economic and political consequences of the decision of the UK leaving the European Union.

Gold futures delivery  for August on the Comex Exchange shed $5.15, or 0.39%, to trade at $1,321.75 a troy ounce. A day earlier, prices tacked on $9.00, or 0.68%.

Spot gold prices had fallen 0.3 per cent to $1,314.30 an ounce. It closed about 0.5-per cent higher on Wednesday, rising for three out of four sessions.

Former Mayor of London, Boris Johnson abruptly withdrew from the running to become the next prime minister of Britain on Thursday, in a move shock turned up a political order shaken by voting last week to leave the European Union.

For its part, British Justice Secretary Michael Gove, one of the leading advocates to bring Britain from the EU, said Thursday that he is running to become prime minister. Interior Minister Theresa May, who campaigned to stay in the EU, has also announced his candidacy to lead the party.

Other politicians of the Conservative Party to declare that stand to replace Cameron so far are Welsh Secretary Stephen Crabb, and Defense Secretary Liam Fox.

Asian shares rallied on Thursday, tracking an overnight rally on Wall Street, while the dollar held near one-month high 3-1 / 2 against a basket of currencies in global markets regained some semblance of calm.

In the national capital Gold surged by Rs 100 to Rs 30,350 per ten grams at the bullion market today.

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