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Gold posts biggest rally since 2008

Gold posts biggest rally since 2008

LONDON: Gold soared the most since the global financial crisis in 2008 on Friday, after Britons shocked markets by voting to leave the European Union, fueling market turmoil that drove investors toward safe-haven assets.

The precious metal jumped as much as 8pc to its highest in more than two years, tracking the rally in other safe havens, such as bonds, as risky assets were dumped from stocks to sterling.

Spot gold was up 5.1pc at $1,319.60 an ounce by 0639 GMT, after earlier peaking at $1,358.20, the strongest since March 2014. Gold soared nearly 11pc in September 2008.

Gold priced in other currencies also surged. In terms of sterling and euro, gold hit the highest since April 2013. In Australian dollar terms, gold touched a record high. Gold on the Shanghai Futures Exchange rose to the highest since September 2013.

Spot silver was up 2.4pc at $17.69 an ounce. Platinum was up 1.4pc at $973.75 and palladium dropped nearly 3pc to $548.

Published in Dawn, June 25th, 2016

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