Gold up 1 per cent as early results show tight UK referendum

By: | Published: June 24, 2016 7:06 AM

Gold rose more than 1 percent on Friday after early official results from a British referendum showed that a campaign to exit the European Union was leading, boosting the appetite for safe-haven assets such as bullion.

US GoldUS gold for August delivery rose 0.5 percent to ,269.20. (Reuters)

Gold rose more than 1 percent on Friday after early official results from a British referendum showed that a campaign to exit the European Union was leading, boosting the appetite for safe-haven assets such as bullion.

With results in from the first five of 382 voting districts, those in favour of ending Britain’s 43-year membership had a small lead of 3,207 votes, though it was far too early to discern a reliable trend.

Spot gold was up 0.9 percent at $1,266.31 an ounce by 0009 GMT GMT, after rising as high as $1,269.71 earlier.

Also Read: Gold prices rush to end whether or not Britain votes to exit European Union

US gold for August delivery rose 0.5 percent to $1,269.20.

“We’re finding safe-haven assets being bid up and in this case because it’s much nearer to the event the demand for gold could be rather high,” said Vishnu Varathan, a senior economist at Mizuho Bank.

“But the one thing that we can be sure of is volatility. Everything else is on a drip and drop basis.”

Gold in terms of sterling surged more than 3 percent and in euro terms rose 1.5 per cent.

Spot silver and platinum were also higher, while palladium was down marginally.

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