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.

Kitco

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