Gold Slips as Sterling Rebounds
Samuel Gee, News Editor
17 Jan 2017, 2:54 p.m.
Sterling’s rebound following Theresa May’s Brexit speech this morning saw the gold price drop (2% £20.04/oz t) in less than 3 hours.
The gold price had jumped above £1000 since the weekend after the pound slid on expectations that May would confirm Britain’s intentions to make a clean break from the European single market after triggering Article 50. She confirmed her intentions earlier today in her public statement.
However her announcement that the deal would be agreed upon by parliament provided a boost to the pound, which has jumped 2.83% against the dollar today.