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Gold hits two-week low

Gold hits two-week low

LONDON: Gold fell to a two-week low on Thursday as the last sweep of opinion polls before Britain’s referendum on EU membership began gave the campaign to stay in the bloc a slight edge.

Britons were voting on Thursday in the referendum that has divided the nation. The polling will close at 2100 GMT, with results expected early on Friday. Spot gold was down 0.4 per cent at $1,262.89 an ounce by 1416 GMT, after hitting $1,257.91, its lowest since June 9.

The metal, often perceived as a hedge against economic and financial uncertainty, reached a near two-year high on June 16, as wider markets reacted to mounting concerns over the prospect of Britain pulling out of the EU and sought protection in ‘safe’ assets.

Holdings in the SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, rose 0.4pc to 915.90 tonnes on Wednesday, the highest since September 2013.

Among other precious metals, silver rose 0.3pc to $17.30 and platinum was down 0.4pc at $963.99. Palladium rose 0.4pc to $562.05 an ounce.

Courtesy : Dawn News



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