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  1. Gold edges up on softer dollar: Brexit concerns ease further

Gold edges up on softer dollar: Brexit concerns ease further

Gold inched higher early on Tuesday as the dollar weakened, even as some opinion polls indicated Britain could be more likely to opt to remain in the European Union in a referendum later this week.

By: | Bengaluru | Published: June 21, 2016 7:29 AM
Gold Monetisation Scheme , Jayant Sinha, MUDRA Ltd Two opinion polls on Monday suggested support for Britain staying in the European Union had recovered some ground following the murder of a pro-EU lawmaker, but a third poll found support for a “Brexit” ahead by a whisker. (Reuters)

Gold inched higher early on Tuesday as the dollar weakened, even as some opinion polls indicated Britain could be more likely to opt to remain in the European Union in a referendum later this week.

FUNDAMENTALS

* Spot gold had risen 0.2 percent to $1,292.0 an ounce by 0054 GMT.

* Bullion fell 0.7 percent on Monday, touching a low of $1,277.34.

* U.S. gold was up 0.2 percent at $1,294.70

Two opinion polls on Monday suggested support for Britain staying in the European Union had recovered some ground following the murder of a pro-EU lawmaker, but a third poll found support for a “Brexit” ahead by a whisker.

* A vote on June 23 by Britain to leave the 28-member EU, dubbed “Brexit,” could tip Europe back into recession, putting more pressure on the global economy.

* The British pound held near three-week highs against the dollar and euro on Tuesday, a day after it had made its biggest daily gains since late 2008, while the dollar index stood near a one-month low of 93.425 hit earlier this month.

Also Read: Gold sinks most in month on signs UK turning away from Brexit

* George Soros, the billionaire who earned fame by betting against the pound in 1992, said Brexit would trigger a bigger and more disruptive sterling devaluation than the fall on Black Wednesday.

* Brexit could have “moderate direct effects” on the U.S. economy, but probably does not pose big financial risks, Neel Kashkari, president of the Federal Reserve Bank of Minneapolis, said.

* Confidence at Japanese manufacturers inched up in June from the prior month’s three-year low and is seen rising only slightly ahead, a Reuters poll found, reflecting worries about the yen’s rise as Britain decides whether or not to quit the EU.

* Holdings in SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, rose 0.10 percent to 908.77 tonnes on Monday, the highest since September 2013.

* Russia’s gold reserves increased to 47.6 million troy ounces as of the start of June from 47.5 million ounces a month earlier, the central bank said on Monday.

* India is seeking the participation of Rio Tinto and Anglo American’s De Beers to explore for diamonds and gold, part of Prime Minister Narendra Modi’s ambition to make the country a major mineral producer, the mines secretary said.

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