Gold and other precious metals are benefiting from safe-haven demand.
Spot gold was $1,559.99 per ounce by 1514 GMT, having earlier touched its highest since Jan. 10 at $1,562.51. U.S. gold futures at $1,560.20. A Brexit crisis is also causing concern for investors!
“Investors are flocking towards gold in spite of a spike in equity markets, mostly because of long-term uncertainties like political insecurity, probable equity market volatility…, weak earnings expectations and ultra-low interest rates,” Commerzbank analyst Eugen Weinberg said. Holdings of the world’s largest gold-backed ETF, SPDR Gold Trust, rose to 898.82 tonnes on Friday, the highest since Nov. 11. Source: Yahoo Finance