Comprehensive  Ghana Oil and Gas news, information, updates, analysis

News in Brief

Gold holds steady as global stocks weaken after Brexit vote

  • SOURCE: | qwesa2big
  • goldGold held near its highest in over two years early on Tuesday, buoyed by safe-haven demand after global stock markets plummeted in the wake of Britain’s decision to exit the European Union.


    * Spot gold was nearly flat at $1,324.60 an ounce by 0055 GMT. It rose 0.7 percent on Monday.

    * U.S. gold was up 0.2 percent at $1,327.90.

    * Bullion rallied 8 percent to $1,358.20 at one stage on Friday, the highest price since March 2014, and ended up 4.8 percent, its biggest one-day gain since January 2009 as the British vote sparked sales of riskier assets. Gold is often perceived as a hedge against economic and financial risk.

    * Britain’s vote last Thursday to leave the EU continued to reverberate through financial markets on Monday, with the pound falling to its lowest level in 31 years, despite government attempts to relieve some of the confusion about the political and economic outlook.

    * Global equities took another step down in Asia on Tuesday, with regional markets sliding.

    * Holdings in SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, rose 1.40 percent to 947.38 tonnes on Monday, the highest since July 2013.

    * Spot gold may rise into a range of $1,483-$1,527 per ounce over the next three months, as suggested by a Fibonacci retracement analysis and its wave pattern, according to Reuters technical analyst Wang Tao.

    * Retail gold investors are booking profit on metal bought to hedge against Thursday’s decision by British voters to leave the European Union, while an initial surge in buying slackened off on Monday.

    * Billionaire investor Stanley Druckenmiller’s Duquesne Family Office LLC was long gold futures ahead of last week’s vote in Britain to leave the European Union, a source familiar with the matter said on Monday.

    * Russia plans to tender the Sukhoi Log gold deposit this year, which may happen at the end of summer-beginning of autumn, Russian Natural Resources Minister Sergei Donskoi told reporters on Monday.

    * Top consumer China’s gold imports in May via main conduit Hong Kong rose to the highest level since December, surging 68 percent from the previous month, data showed on Monday.

    Source: Reuters

    Leave a reply

    About Us
    Reporting Oil and Gas project was launched on 4th June 2009 at Takoradi, Western Region, Ghana by Penplusbytes ( with the vision of providing a one stop online information and knowledge about Ghana’s oil and gas sector read more
    Twitter Activity Stream

    Partners We are proud to be associated with:

    Skip to toolbar