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Precious Metals

Gold reaches its highest price in over 2 years, after Britain votes to leave EU

gold trading

Gold soared as much as 8 per cent to its highest in more than two years on Friday after Britain delivered a shock vote to leave the European Union, leaving investors to seek protection in the precious metal.

Gold delivered double-digit percentage gains in sterling terms, topping 1,000 pounds an ounce for the first time in more than three years, while gold priced in euros rallied as much as 13 per cent.

The precious Metal pulled back from early highs as the dollar, in which it is priced, headed for its biggest daily gain since 1978 against a currency basket, but remained elevated.

Spot gold peaked at $1,358.20 (£975.37) per ounce and was last up 4.8 per cent at $1,316.25 (£947.57) an ounce, while U.S. gold futures for August delivery were up $56.80 (£40.84) an ounce at $1,319.90 (£949.59), off an early high of $1,362.60 (£980.31) an ounce.

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Paul

The author Paul