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Gold Blasts Pasts $1,300 as Britain Votes to Leave EU
Jun. 23, 2016 10:21PM PST
Precious Metals InvestingGold was trading at over $1,300 per ounce on Thursday as Brits voted to leave the European Union.
Gold was trading at over $1,300 per ounce on Thursday as Brits voted to leave the European Union (EU).
The yellow metal was up nearly 6 percent to $1,336.90 per ounce as of 1:07 a.m. EST. Meanwhile, the British Pound was down 9.17 percent against the US dollar.
The UK voted 51.7 to 48.3 percent to leave the EU. According to the BBC, the referendum saw the highest turnout at a UK election since 1992.
As gold prices continued to rise, equities took a beating in the wake of the Brexit vote. As per CNBC, the Dow (INDEXDJX:DJI) was implied by futures to open down more than 700 points as of 12:35 a.m. EST, while the S&P 500 (INDEXSP:INX) and Nasdaq (INDEXNASDAQ:IXIC) were expected to open down by more than 5 percent.
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Securities Disclosure: I, Teresa Matich, hold no direct investment interest in any company mentioned in this article.
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