Gold Prices Sink to 2-Week Low as Brexit-UK Gets No Rate Cut or New QE from Bank of England

by Adrian Ash
Financial Sense

Gold prices fell to 2-week lows against all major currencies bar the Japanese Yen in London trade Thursday as the Bank of England surprised the markets by holding UK interest rates and its QE bond-buying scheme unchanged in response to late-June’s Brexit result in the referendum on leaving the European Union.

Falling to $1322 per ounce as Western stock markets rose once again, gold priced in Dollars has now lost almost 4% from Monday’s new 2-year high.

Gold had already fixed at its lowest Yuan price since 1 July at Shanghai’s afternoon benchmarking auction, with Swiss refinery MKS’s Asian desk reporting strong “selling interest [also] during early London trade.”

Continue Reading at…