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Gold prices soared by 8%, reaching the highest level in more than two years, which was due to increased demand for safe-haven assets.
"Brexit had strong support for gold as a wave of risk aversion prompted investors to turn to safe assets such as gold and yen - said Marie Owens Thomsen, chief economist at Indosuez Wealth Management -. Now, when the United Kingdom voted in favor of withdrawal from the EU, we think that there is a high probability of a rise in price of gold to $ 1,400. "
The World Gold Council said that it is difficult to find an event comparable to the outcome of the British referendum. "Although the trade unions broke up before, even once the collapse was not so important for the world economy, as the collapse in Europe", - stated the council.
In addition, the increased market expectations that the Federal Reserve may cut interest rates to help shield the economy from any global shocks are helping gold prices. "It is not necessarily linked with the Great Britain, we are talking about the uncertainties in the world's largest economy - said Amanda van Dijk, head of Peterhouse Asset Management Fund -. analysts believe that the Fed will not raise rates as fast, because the dollar is gaining,"
The cost of the August gold futures on the COMEX rose to $ 1317.6 per ounce.
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