Join +750K new investors every month who copy stock picks from billionaire's portfoliosSign Up Free

PRECIOUS-Gold hits highest in over 2 yrs as investors shun risk

Published 2016-07-05, 09:25 p/m
© Reuters.  PRECIOUS-Gold hits highest in over 2 yrs as investors shun risk
XAU/USD
-
XAG/USD
-
GC
-
SI
-
GLD
-
CG
-
TCPTF
-

BENGALURU, July 6 (Reuters) - Gold climbed to its highest in
over two years early on Wednesday, its safe-haven appeal
burnished in the face of tumultuous global markets as fallout
mounted from Britain's decision to leave the European Union.

FUNDAMENTALS
* Spot gold XAU= touched its highest since March 2014 at
$1,364.80, and was trading up 0.5 percent at $1,362.61 an ounce
by 0052 GMT. It surpassed the $1,358.20 an ounce mark hit on
June 24 in the immediate aftermath of the Brexit vote.
* U.S. gold GCcv1 was up 0.5 percent at $1,365.30.
* Silver XAG= was up 1.2 percent at $20.15.
* Stocks on major world markets fell and benchmark U.S.
government bond yields hit all-time lows on Tuesday as worries
about Britain's exit from the EU pushed sterling to a fresh
31-year low. MKTS/GLOB USD/
* Yields on long-term U.S. Treasuries sank to record lows on
Tuesday as global investors loaded up on U.S. government debt in
hopes it would shield them from threats to the global economy.
US/
* Holdings in SPDR Gold Trust GLD (NYSE:GLD), the world's largest
gold-backed exchange-traded fund, rose 3.02 percent to 982.72
tonnes on Tuesday, highest since June 2013. GOL/ETF
* Britain's vote to leave the EU presents only a modest risk
to the U.S. outlook and probably will not keep the Federal
Reserve from raising interest rates, San Francisco Fed President
John Williams said on Tuesday.
* The Fed can be patient on raising interest rates due to
low inflation and uncertainties over U.S. economic prospects,
including Britain's vote to leave the European Union, New York
Fed President William Dudley said on Tuesday.
* The Bank of England took steps on Tuesday to ensure
British banks keep lending as the financial consequences of the
country's decision to leave the EU began to materialise.

* New orders for U.S. factory goods fell in May on weak
demand for transportation and defence capital goods, but growing
order backlogs and lean inventories suggested the worst of the
manufacturing downturn was probably over.
* Canadian mining company Centerra Gold CG.TO agreed on
Tuesday to buy U.S. -based miner Thompson Creek Metals TCM.TO
for around $1.1 billion in shares and cash, including paying off
nearly $900 million of debt. For the top stories on metals and other news, click
TOP/MTL or GOL

DATA AHEAD (GMT)
0600 Germany Industrial orders May
1230 U.S. International trade May
1400 U.S. ISM non-manufacturing PMI Jun
1800 Minutes of Federal Reserve's June 14-15 meeting

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.