Gold Surges 20% In GBP In 2 Days On Brexit Fallout

by Mark O’Byrne

Gold has surged over 20% in sterling terms in the last two trading days due to the fallout of the UK’s monumental decision to leave the European Union. Gold has extended the biggest price gains since 2008 as market turmoil and sharp falls in stocks globally and especially bank stocks led to safe haven demand for bullion coins and bars, especially in the UK and Ireland.

[…] Gold has surged in all currencies and especially in sterling, euros and indeed dollars.

Gold has risen over one hundred euros per ounce from €1,091/oz to over €1,210/oz today. Gold has risen over one hundred and sixty pounds per ounce or 19%, from £847.55/oz to over £1,012/oz and gold has risen over eighty dollars per ounce or 6.5%, from $1,251/oz to over $1,331/oz in two trading days.

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