Gold In Sterling Up 1.7% On BREXIT Jitters - Surges 10% In June
-- Published: Monday, 13 June 2016 | Print | Disqus
By: Mark O'Byrne
Gold in sterling has risen another 1.7% today due to deepening BREXIT jitters with just 10 days left until the referendum on June 23. The flight to gold and sell off in sterling came as Asian and European stock markets fell and European equities headed for their lowest close since February.
Gold in sterling has risen from £892.50/oz to £908/o today and is up 10% in the first 9 trading days of June, from £827 to £908/oz, as investors diversify into safe haven gold due to concerns Britain will vote to leave the European Union.
A series of BREXIT opinion polls over the weekend strongly suggested Britain could vote to leave the EU, which many fear will likely lead to a fresh wave of turmoil across markets internationally and heightens the real risk of the break up of the European Union.
Sterling weakened against all of its 16 major peers after polls showed the referendum on whether Britain will stay in the EU may see a BREXIT outcome. The pound fell to an eight week low against the dollar and a three year low against the yen as jittery investors shifted into perceived safer fiat currencies.
The Stoxx Europe 600 Index dropped 1.5 percent, the FTSE was down 0.8%, the DAX 1.2% and the CAC 1.4%.
Stock markets in Japan dived to a two- month low, with the benchmark Nikkei 225 index slumping 3.5pc. In Hong Kong, the Hang Seng Index fell 2.54pc, while in China, the Shanghai Composite lost 0.78pc and the Shenzhen Index fell 1.1pc.
S&P 500 futures fell 0.5 percent, indicating U.S. equities will extend declines after Friday dropping the most in three weeks amid concern over tepid growth and potential further market turbulence.
The mass shooting in Orlando and deepening concerns about terrorism will not help market sentiment and will support gold. Deepening social and geopolitical tensions in the United States and the most uncertain political outlook for many years are also contributing to demand for gold.
A Brexit vote on June 23 could see gold prices quickly surge to $1,400, analysts at Capital Economics Ltd. said in a report on Friday.
Gold Prices (LBMA AM) 13 June: USD 1,284.10, EUR 1,139.25 and GBP 909.87 per ounce 10 June: USD 1,266.60, EUR 1,121.07 and GBP 876.87 per ounce 09 June: USD 1,258.35, EUR 1,107.98 and GBP 870.53 per ounce 08 June: USD 1,252.40, EUR 1,101.61 and GBP 851.65 per ounce 07 June: USD 1,241.10, EUR 1,091.42 and GBP 851.02 per ounce 06 June: USD 1,240.55, EUR 1,092.67 and GBP 859.08 per ounce 03 June: USD 1,211.00, EUR 1,086.63 and GBP 839.34 per ounce
Silver Prices (LBMA) 13 June: USD 17.32, EUR 15.37 and GBP 12.23 per ounce 10 June: USD 17.32, EUR 15.33 and GBP 12.01 per ounce 09 June: USD 17.05, EUR 15.03 and GBP 11.79 per ounce 08 June: USD 16.75, EUR 14.73 and GBP 11.50 per ounce 07 June: USD 16.31, EUR 14.36 and GBP 11.18 per ounce 06 June: USD 16.40, EUR 14.46 and GBP 11.39 per ounce 03 June: USD 16.10, EUR 14.45 and GBP 11.17 per ounce
The content on this site is protected
by U.S. and international copyright laws and is the property of GoldSeek.com
and/or the providers of the content under license. By "content" we mean any
information, mode of expression, or other materials and services found on GoldSeek.com.
This includes editorials, news, our writings, graphics, and any and all other
features found on the site. Please contact
us for any further information.
Live GoldSeek Visitor Map | Disclaimer
The views contained here may not represent the views of GoldSeek.com, Gold Seek LLC, its affiliates or advertisers. GoldSeek.com, Gold Seek LLC makes no representation, warranty or guarantee as to the accuracy
or completeness of the information (including news, editorials, prices, statistics,
analyses and the like) provided through its service. Any copying, reproduction
and/or redistribution of any of the documents, data, content or materials contained
on or within this website, without the express written consent of GoldSeek.com, Gold Seek LLC,
is strictly prohibited. In no event shall GoldSeek.com, Gold Seek LLC or its affiliates be
liable to any person for any decision made or action taken in reliance upon
the information provided herein.
