Early this month, gold prices skyrocketed to more than USD $1,350. This increase, which brings the metal’s value to a 28-month high, is fuelled by uncertainty over Brexit.
Gold is seen as a safe haven during times of economic instability, making it a hotspot for investors fearing the impact of Britain’s exit from the European Union.
“The general bullish sentiment for gold coupled with the post-Brexit uncertainty continues to underpin the metal and the complex as a whole,” says Geneva-based MKS Group trader James Gardiner.
At this time last year, gold was trading for around USD $1,100 an ounce. Since the beginning of this year, the precious metal’s price has increased 24 per cent, growing 8 per cent since Great Britain’s June 23 vote to leave the European Union.
At this time, the metal’s value is sitting at approximately USD $1,330.
Author: Canadian Jeweller Magazine Staff
Canadian Jeweller Magazine Staff is the shared byline for reporting filed by the magazine's editorial desk. Founded in 1879, Canadian Jeweller is the longest running jewellery business publication in Canada, covering market reporting, retail strategy, watches, diamonds, coloured gemstones and the commerce of the Canadian jewellery trade. Work published under this byline is edited and verified by the Canadian Jeweller editorial team in Toronto.
