Gold was back in positive territory on Wednesday morning after Monday’s and Tuesday’s consolidation after the dollar eased. Brexit fallout should also continue to provide support.
– The spot gold price was last at $1,320.30/1,320.60 per ounce, up $7.85 on Tuesday’s close, with the dollar index last slightly lower at 96.03. Trade has ranged from $1,312.75 to $1,323.65 so far.
– The 27 EU member states of the EU, excluding Britain, are expected to hold a meeting on Wednesday morning to discuss the Brexit but they will also focus on ideas on how to change the European Union.
– As well, news of suicide bomber attacks at Istanbul’s main airport last night boosted safe-haven demand.
– In the other precious metals, silver was last at $18.195/18.245, up 45 cents or around 2.5 percent and close to the January 2015 high it reached on Friday before the Brexit vote.
– “Silver is outperforming gold as risk-appetite resumed; silver, as an industrial metal, tends to perform better on a relative basis,” FastMarkets analyst Boris Mikanikrezai said.
– Platinum at $987/992 was up $12 and palladium at $571/576 was $5 higher.
(Editing by Mark Shaw)
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Source: Bullion Desk News
