SME Times is powered by   
Search News
Just in:   • Adani Group to invest Rs 57,575 crore in Odisha  • 'Dollar Distancing' finally happening? Time for India to pitch Rupee as credible alternative: SBI Ecowrap  • 49% Indian startups now from tier 2, 3 cities: Jitendra Singh  • 'India ranks 3rd in global startup ecosystem & number of unicorns'  • LinkedIn lays off entire global events marketing team: Report 
Last updated: 25 Jun, 2016  

Gold.9.Thmb.jpg Gold up 4.69 pc after Britain votes to quit EU

Gold.9.jpg
   Top Stories
» 49% Indian startups now from tier 2, 3 cities: Jitendra Singh
» 'India ranks 3rd in global startup ecosystem & number of unicorns'
» Tripura exported over 9K tonnes of pineapples in 2 years
» CPI inflation eases to 6.71% in July, IIP falls to 12.3%
» Rupee depreciates 12 paise to close at 79.64 against US dollar
SME Times News Bureau | 25 Jun, 2016
Gold futures on the COMEX division of the New York Mercantile Exchange advanced sharply on Friday as Britain voted to exit the 28-nation European Union (EU).

The most active gold contract for August delivery gained USD 59.30, or 4.69 percent, to settle at USD 1,322.40 per ounce.

Gold advanced to its highest level since July 11, 2014, when gold closed at USD 1337.40 per ounce, datas collected by Xinhua reports showed on Friday.

US investors displayed fear, triggering a rush to the precious metal as a safe haven after Britain voted to leave the European Union.

The referendum has been dubbed the "Brexit" by investors and is largely seen as a highly destabilising move. Analysts noted that the potential for a Brexit has caused volatility in the market, driving investors to gold to seek refuge from the Brexit vote.

An extensive fall in equities also gave extensive support to the precious metal as the US Dow Jones Industrial Average fell sharply on Friday.

Analysts noted that when equities post losses, the precious metal usually goes up, as investors are looking for a safe haven, while the opposite is true when US equities post gains.

On the US economic front, new orders for manufactured durable goods in May decreased USD 5.3 billion, or 2.2 percent, to USD 230.7, the Commerce Department said on Friday.

Meanwhile, the Thomson Reuters/University of Michigan index of consumer sentiment showed on Friday that the final reading of the consumer sentiment for June fell to 93.5 from 94.7 in May.

On Thursday, gold futures fell for fifth trading days in a row as investors bet that Britain would remain in the European Union after the Brexit referendum.

Analysts believe that the market will be dominated by the Brexit vote in the coming days, and fear will add additional support to the precious metal.

Analysts note that the last US financial crash in 2008 was spread over several days, and that if conditions worsen, the precious metal will likely increase in value due to its safe haven properties.

Silver for July delivery rose 43.60 cents, or 2.51 percent, to close at USD 17.789 per ounce. Platinum for July delivery added USD 20.80, or 2.15 percent, to close at USD 987.10 per ounce.
 
Print the Page Add to Favorite
 
Share this on :
 

Please comment on this story:
 
Subject :
Message:
(Maximum 1500 characters)  Characters left 1500
Your name:
 

 
  Customs Exchange Rates
Currency Import Export
US Dollar
66.20
64.50
UK Pound
87.50
84.65
Euro
78.25
75.65
Japanese Yen 58.85 56.85
As on 13 Aug, 2022
  Daily Poll
PM Modi's recent US visit to redefine India-US bilateral relations
 Yes
 No
 Can't say
  Commented Stories
» GIC Re's revenue from obligatory cession threatened(1)
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter