Gold suffers 5th straight loss on eve of historic Brexit vote
Adam Pike, News Editor
23 Jun 2016, 10:57 a.m.
The gold price has fallen to a two-week low on the eve of Britain’s historic EU referendum. Should the UK decide to leave the gold price is expected to fall, but downside moves are expected to be limited. Despite the recent pull back the yellow metal is up 19% since the start of 2016
The latest BBC poll tacker indicates 45% of the population want to leave, while 44% want to exit the 28-member Eurozone. Voting stations will remain open until 10:00pm tonight with the final result expected to be announced early on Friday morning.
Equity, currency and precious metals markets have already priced in a successfully remain vote. Should this be proven wrong the markets could experience unprecedented volatility when they open tomorrow morning.
A Leave vote will surprise the markets and will be extremely bullish for the gold price, as concerns of a British departure will act as the catalyst for other countries to leave the EU.