Gold heads north in Asia
On Wednesday, gold headed north because market participants noted ongoing friction as for the timing of the UK’s expected notification to exit the number one trading bloc in the word.
In New York, August delivery gold futures soared 0.33%, trading at $1,322.30 per troy ounce. August delivery silver futures leapt 1.17%, hitting $18.098 per troy ounce. At the same time, copper futures sank 0.83%, trading at $2.163 a pound.
The British pound dropped in Asia after David Cameron, the UK’s Prime Minister informed EU leaders that they’d like to give Britain more control over immigration at the end of a fractious day where politicians of the EU clashed over the actual meaning as well as consequences of the previous week’s Brexit vote.
Overnight, gold slumped slightly, thus taking a pause from the Brexit-inspired soar, as market participants decided to lock into revenues days after the number one precious metal leapt to 27-month peaks.
In the frenzied days since the previous week’s shocking decision by British voters to leave the EU, gold has mostly managed to avoid a massive sell-off because investors kept looking for shelter in safe-haven assets.