LONDON: Gold rose on Monday as political uncertainty after Britain’s vote to leave the European Union supported prices that had been propelled towards last week’s two-year high by an overnight burst of short-covering activity in China.

The precious metal reached a peak of $1,357.60 an ounce overnight, less than $1 below last month’s high, before easing back below $1,350 an ou­n­ce. Silver benefited from a sur­ge of buying in China, rising more than 7 per cent at one point and breaking above $21 an ounce for the first time in two years.

The metal has also benefited from strong technical signals. Spot gold was up 0.7pc at $1,350.87 an ounce by 1520 GMT, while US gold futures for August delivery gained 1.1pc to $1,353.70.

Silver was up 2.9pc at $20.30 an ounce, benefiting from a perce­ption that it offers good value compared with gold. Plat­i­num was up 0.1pc at $1,059.75 an ounce, while palladium rose 1.5pc to $613.

Published in Dawn, July 5th, 2016

Follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

ICJ rebuke
Updated 26 May, 2024

ICJ rebuke

The reason for Israel’s criminal behaviour is that it is protected by its powerful Western friends.
Hot spells
26 May, 2024

Hot spells

WITH Pakistan already dealing with a heatwave that has affected 26 districts since May 21, word from the climate...
Defiant stance
26 May, 2024

Defiant stance

AT a time when the country is in talks with the IMF for a medium-term loan crucial to bolstering the fragile ...
More pledges
Updated 25 May, 2024

More pledges

There needs to be continuity in economic policies, while development must be focused on bringing prosperity to the masses.
Pemra overreach
25 May, 2024

Pemra overreach

IT seems, at best, a misguided measure and, at worst, an attempt to abuse regulatory power to silence the media. A...
Enduring threat
25 May, 2024

Enduring threat

THE death this week of journalist Nasrullah Gadani, who succumbed to injuries after being attacked by gunmen, is yet...