Gold Rises In All Currencies – Gains 1.6% To £1,079/oz In GBP, Near 7 Year High

Gold prices have risen in all currencies today and especially in British pounds with gold having risen 1.5% to £1,078/oz. Concerns regarding the weak UK economy and Brexit fears continue to weigh on sterling.

Gold in GBP – 1 Day

More loose monetary policies are making gold attractive again as are the elevated economic and geopolitical risks which are leading to safe haven demand.

Gold has gained more than 6%, since touching a 2019 low of $1,265.85 in early May, due to these risks.  

Gold had seen its usual Monday sell off as futures market participants took profits and pushed prices lower again.

The U.S. central bank is expected to leave borrowing costs unchanged this time but possibly lay the groundwork for a rate cut later this year which will support gold.

Expectations of interest rate cuts in the U.S. have increased amid the deepening U.S.-China trade war and signs that the U.S. economy is slowing significantly.

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