Gold Boost On Brexit
Gold prices rose on Monday after a shock U.K. poll to exit the European Union sent investors into safe haven assets.
U.S. gold futures for August delivery were up 0.5% at $1,329.0 an ounce by 0957 GMT.
The precious metal settled at $1,318.50 a troy ounce 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.
The U.K. voted by nearly 52% to 48% on Thursday to break away from the world’s biggest trading bloc, triggering historic falls in stocks and currencies and sending investors to seek safety in the yen, gold and low-risk government debt.
The precious metal is up 25% for the year to date, boosted by concerns over global growth and the adoption of negative interest rates by central banks.
Gold has also been boosted as the Federal Reserve cut projections for the number of interest rate increases planned for this year.
Lower interest rates tend to help gold, as the metal pays its holders nothing, but it struggles to compete with yield-bearing investments when interest rates rise.
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