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Gold Holds Steady Over £1,000 – Increased Likelihood Of A Disorderly Brexit

Commodities / Gold & Silver 2019 Jan 16, 2019 - 09:09 PM GMT

By: GoldCore

Commodities

– Gold supported near $1,300/oz ahead of important British Brexit no-confidence vote
– Gold is consolidating in range between $1,280 and $1,300/oz (over £1,000/oz and €1,100/oz) – A break of resistance at $1,300 will likely see gold rise rapidly in all currencies
– Physical demand for gold coins and bars has picked up in the UK and Ireland, aided by Brexit uncertainty


Gold in GBP (GoldCore.com)

Gold is holding steady today supported by a very tentative recovery in equities. Bullion should be supported as caution deepens ahead of a no-confidence vote on British Prime Minister Theresa May’s government and other geopolitical risks including the US government shutdown loom large in investors minds.

Physical demand for gold coins and bars has picked up in the UK and Ireland, due to Brexit and UK political uncertainty.

British opposition Labour Party leader Jeremy Corbyn called a vote of no confidence in the UK government, to be held at 1900 GMT today, after May’s Brexit deal was defeated by lawmakers on yesterday.

A Jeremy Corbyn government would not be good for the pound and would benefit gold in sterling terms.

The date set for Britain’s departure from the European Union is March 29, but as the deadline approaches quickly, markets are hoping that there will be an extension.

The increased likelihood of a disorderly Brexit and the extension of a U.S. government shutdown have helped keep gold which is well supported near a more than six-month high of $1,300 per ounce.

Most stock markets globally have stabilised after strong volatility and sharp falls at the end of last year. Rightly or wrongly they are taking much comfort from the resumption of China-U.S. trade talks.

The likelihood that the Fed will slow or indeed stop its interest rate hikes is also making gold increasingly attractive to investors.

Watch Our Latest Video Updates On YouTube Here

Gold Prices (LBMA PM)

15 Jan: USD 1,289.35, GBP 1,002.99 & EUR 1,127.67 per ounce
14 Jan: USD 1,293.70, GBP 1,007.02 & EUR 1,129.27 per ounce
11 Jan: USD 1,298.80, GBP 1,012.91 & EUR 1,123.96 per ounce
10 Jan: USD 1,292.40, GBP 1,012.98 & EUR 1,121.54 per ounce
09 Jan: USD 1,281.30, GBP 1,006.41 & EUR 1,118.32 per ounce
08 Jan: USD 1,291.90, GBP 1,006.71 & EUR 1,121.62 per ounce
07 Jan: USD 1,291.50, GBP 1,013.83 & EUR 1,129.03 per ounce

Silver Prices (LBMA)

15 Jan: USD 15.60, GBP 12.13 & EUR 13.65 per ounce
14 Jan: USD 15.61, GBP 12.13 & EUR 13.61 per ounce
11 Jan: USD 15.68, GBP 12.23 & EUR 13.60 per ounce
10 Jan: USD 15.70, GBP 12.33 & EUR 13.63 per ounce
09 Jan: USD 15.62, GBP 12.27 & EUR 13.64 per ounce
08 Jan: USD 15.64, GBP 12.24 & EUR 13.64 per ounce
07 Jan: USD 15.75, GBP 12.35 & EUR 13.77 per ounce

Mark O'Byrne

Executive Director

This update can be found on the GoldCore blog here.

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