Gold hits two-week high as investors run from Brexit chaos
SPDR gold holdings rise for the second day and silver hits its highest since March 1
Bengaluru — Gold rose to a near two-week peak on Wednesday, holding above the key $1,300 mark as uncertainty over Britain's exit from the European Union drove investors to safe haven assets. Spot gold was up 0.5% at $1,308.15 an ounce, at 11.07am GMT, having hit its highest since March 1 at $1,308.98. US gold futures rose 0.8% to $1,308.50. The Brexit vote on Tuesday has given gold a bit of lift, said Quantitative Commodity Research analyst Peter Fertig. “We have speculators all over the world betting that retail clients are going to buy gold because they could be fearing a hard Brexit, which is now more likely, and they would like to be protected against the negative consequences.” UK Prime Minister Theresa May suffered a second defeat for her Brexit plan, plunging Britain deeper into a political crisis before the planned EU departure date on March 29. Bullion, considered a refuge in times of political and economic uncertainty, has gained about 13% since touching more than one-and-...
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