Gold prices go down
On Tuesday, during European trade gold prices edged down, dropping for the first time for three trading sessions because market participants locked in profits after futures got to the highest value since July 2014 in wake of the previous week’s Brexit shock.
In New York, August delivery gold futures fell 0.37%, trading at 1,319.95 a troy ounce per a troy ounce. Yesterday, the number one precious metal managed to earn 0.17%.
Last Friday, prices of the most popular precious metal soared to a 27-month high of $1,362.60, after Britain’s shocking vote to leave the European Union. As a result, traders jumped with both feet into bullion as well as other safe-haven assets.
The news raised worries that other countries might also leave this trading bloc and that global growth would find itself under great pressure. Meanwhile, the actual timeframe of Britain’s departure from the European Union is still unclear.
On Monday, Standard & Poor's announced that it had already lowered the Britain’s sovereign credit rating to"AA" from "AAA" because of Brexit.