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Kitco June 24, 2016 01:02:59 AM

Gold Prices Push Above $1,300 An Ounce As Leaves Takes Lead After Halfway

Paul Ploumis
ScrapMonster Author
The gold market appears to be forecasting a “leave” victory as prices have pushed above $1,300 an ounce Thursday evening.

Gold Prices Push Above $1,300 An Ounce As Leaves Takes Lead After Halfway

(Kitco News) - The gold market appears to be forecasting a “leave” victory as prices have pushed above $1,300 an ounce Thursday evening.

With 62% the polls reporting in, support for Britain to leave the European Union is at 51.2% with the “remain” camp garnering 48.8% of the vote.

Financial markets have been extremely volatile in what has been a neck-and-neck battle in this referendum. The biggest loser in this race has the British pound, which has lost 7.8% against the U.S. dollar, hitting an overnight low at $1.365.

As most gold market analysts have expected, gold has benefited from volatile currency markets. As the “leave” campaign takes the lead at the halfway mark gold prices are up more than 3%, hitting a session high of $1,308 an ounce.

However the surprising move in gold has been against the pound. Spot gold prices against the pound is up more than 12%, last trading at £963.41 an ounce.

Looking at some of the regional results as expected Scotland has the strongest remain sentiment with 62.2% of the vote, Northern Ireland also strongly support EU membership with the remain side holding 55% of the vote. For the leave camp England and Wales are the biggest supporters with 54.6% and 55.5% of the vote respectively.

According to Kitco.com currency markets, In currency markets, gold is clearly seeing the biggest gains against the pound; however, the yellow metal is seeing broad-based popularity.

Courtesy: Kitco News

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