Spot gold climbs 1%, investors seek safe-haven after ‘Brexit’ vote

Spot gold prices climbed more than 1 percent on Monday as aftershocks from Britain’s vote to leave the European Union pushed investors towards the safe-haven asset.

The result of the British vote forced the resignation of Prime Minister David Cameron and dealt the biggest blow since World War Two to the European project of forging greater unity.

Spot gold had risen 1.30 percent to $1,332.55 an ounce by 0055 GMT, after touching a high of $1,335.30 earlier in the day. Bullion prices surged by 4.8 percent in the previous session to top out at $1,358.20 – the highest since March 2014.

U.S. gold rose 1 percent on Monday to $1,336.90 an ounce.

In wider markets, Asian stocks opened weaker and the British pound fell almost 2 percent in early Asian trade on Monday.
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Posted in: Indian Market Tips