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Gold back at last year's Brexit level

Standard gold in Mumbai closed at Rs 29,530 per 10g on June 23 last year

Rajesh Bhayani  |  Mumbai 

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The global price of is again around the same level as a year before, just before a majority of British citizens voted to exit the

In June 2016, speculation on the vote pulled from $1,204 to $1,256 an ounce. When the voting result was out on June 23, the rally continued till $1,366 an oz in July. Now, though, is back to trading around $1,250 an oz.

In India, standard in Mumbai closed at Rs 29,530 per 10g on June 23 last year; now, it is Rs 28,695 per 10g, about 2.8 per cent less.

Ross Strachan, precious metals demand manager at Thomson Reuters, said: ""On June 23, when the voted to leave, the pound took a sharp plunge and the price of in sterling terms gained 25 per cent in the fortnight after. But, the impact was shortlived. Thereafter, the vote had no tangible effect. At the higher price, scrap inflow increased to multi-year highs, while jewellery and investment demand saw a marked drop. Given the political uncertainty since the general election (in the UK), it is currently far from clear how will pan out."

First Published: Thu, June 22 2017. 19:02 IST
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