Gold reaches 3-year high

Last week’s referendum result in which Britain voted to leave the European Union has seen nervous investors turning to gold as financial markets tumble.

gold price graph 2013 to 2016 - Gold reaches 3-year highAs a result the gold price shot over £1,000 an ounce for the first time in over 3 years.

Whilst financial markets have plummeted and trading was suspended in London-listed banks Barclays and RBS after they dropped by more than 10%, gold jumped by over 20% in a matter of hours.

Financial experts don’t see the gold price stopping there. HSBC believes “gold may reach $1,400 an ounce”.

According to Macquarie Research: “Gold prices will go higher in the third quarter as the full ramifications of Brexit begin to be felt”, so even if we’re seeing a slight “cooling off period” now, it may only be a brief respite.

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