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Gold slips as Brexit shock fades

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Gold edged down on Thursday after rising as much as 1 percent during the previous session, with safe-haven demand easing as the shock of Britain's decision to leave the European Union began to fade.

FUNDAMENTALS

* Spot gold had fallen 0.3 percent to $1,313.99 an ounce by 0055 GMT. It closed about 0.5-percent higher on Wednesday, rising for three out of four sessions.

* U.S. gold was down 0.8 percent at $1,316.90.

* Silver climbed around 3 percent to reach a 1-1/2 year high on Wednesday.

* Asia stocks rose on Thursday, tracking an overnight rally on Wall Street, while the safe-haven Japanese yen retreated as global markets regained a semblance of calm after last week's Brexit shock.

* The dollar took a breather in Asia on Thursday but remained near a 3-1/2 month high against a basket of currencies hit in the wake of Britain's stunning vote to exit from the EU, while recently battered sterling crawled higher.

* Holdings in SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, rose 0.28 percent to 950.05 tonnes on Wednesday, the highest since July 2013.

* The U.S. economy is on track to grow by a 2.7 percent annualised rate in the second quarter following data on consumer spending in May, the Atlanta Federal Reserve's GDPNow forecast model showed on Wednesday.

* U.S. consumer spending rose for a second straight month in May on increased demand for automobiles and other goods.

* The European Central Bank is in no rush to ease monetary policy in response to Britain's vote to leave the European Union, taking comfort in a calmer-than-feared market reaction, bank officials said on Wednesday.

* Oil and gold were the clear winners for investors in a tumultuous first half year in markets, with Shanghai A shares the standout losers and euro zone stocks dealt a body blow by Brexit.

* JPMorgan Chase & Co JPM.N on Wednesday won the dismissal of three private antitrust lawsuits, including from hedge fund manager Daniel Shak, accusing the largest U.S. bank of rigging a market for silver futures contracts traded on COMEX.


Source: Reuters



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