Gold slips more than 1pc

LONDON: Gold fell more than 1 per cent on Tuesday as buyers cashed in gains from the biggest two-day rally in the metal since late 2008, made in the wake of Britain’s shock vote to leave the European Union last week.


The metal jumped to its highest in more than two years at $1,358.20 an ounce on Friday after the UK referendum vote, and to more than three-year highs in euro and sterling terms. It quickly retreated from that peak, however.

Spot gold was down 1pc at $1,311.61 an ounce at 1355 GMT on Tuesday, off an earlier low of $1,305.23. US gold futures for August delivery were down $9.80 at $1,314.90.

Holdings in SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, climbed by another 13 tonnes on Monday to 947.38 tonnes, the highest since July 2013.

Among other precious metals, spot silver was up 0.2pc at $17.75 an ounce, platinum was flat at $973.92 and palladium was 1.4pc higher at $562.50.