XAU / USD: Brexit referendum was held, gold grows in the price
Referendum in the United Kingdom, according to which 51.9%
Britons voted for withdrawal from the EU (48.1% of Britons were against)
led to the destabilization of the global financial markets and the high demand for safe-haven assets, the yen and gold.
Gold futures surged to a two-year high. August futures
Gold finished trading at Somekh was up 4.7% at 1322.00
US dollars per ounce, showing the biggest one-day rise since
September 2013. Price-spot with the opening of today’s trading day on the gold
hold near the mark of 1323.00.
the fact that since the beginning of the year the price of gold rose by 25% on outlook concerns
the growth of the global economy and volatility in financial markets, net long
Gold position on the part of hedge funds and other speculative investors
kept at multi-year highs, according to the Futures Commission
UK EU increases uncertainty in the financial markets, it would be
deter the Fed from raising interest rates, and investors from gold sales.
increasing gold is under pressure from interest rate in the US since
investing in the precious metal does not generate interest income and
borrowing costs for its purchase and storage increases. In such situation
the attractiveness of the dollar and Treasury bonds among investors is growing, and
Gold – is reduced, and vice versa.
Gold is likely to continue. Some market participants expect
the price of gold could reach $ 1,400 an ounce by the end of the year.
markets calm down, will flow from the US positive macroeconomic
data, and the Fed will return to consider the possibility of raising rates in the US, it is possible to revert to short
positions in gold.
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