Gold Boosted by Safe-Haven Flows

Gold is stronger again on the second trading day after the U.K. voted to leave the European Union. As of 9:18 a.m. EDT, Comex August gold was $7.90 stronger to $1,330.30 an ounce and earlier traded as high as $1,340. After sharp gains on Friday, HSBC referred to the precious metal as a “golden port in a storm.” Gold surged as other markets such as stocks, oil, the British pound and euro all tumbled. This prompted one trader to comment that not only did gold have a leg up on other markets, but “a leg, an arm, another leg, and few other assorted body parts up.” The metal is largely hanging onto those gains at the start of a new week, the trader says.


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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency
trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza