Gold Surges After Very Poor Jobs Number, Growing Risk Of BREXIT
Gold prices surged nearly 3% after the very poor jobs number on Friday, have maintained those gains and appear to be consolidating as concerns about the U.S. economy and BREXIT deepen. Gold was marginally higher again yesterday and 2.7% higher last week breaking a run of recent weekly losses and a 5% loss in May.
BREXIT concerns are gaining momentum after three recent polls suggested that the ‘leave’ side are gaining an advantage and a BREXIT looks more likely.
A vote for BREXIT should see gold and silver rise sharply on a safe haven bid in futures markets and safe haven demand for bullion. A vote to remain would be expected to see gold and silver fall as risk appetite comes back into the market supporting equities and sterling. However, price weakness in the precious metals would likely be short term given the current strong supply and demand fundamentals for them.
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