Gold Extends Biggest Rally in Seven Years as Brexit Hits Markets
- Investors seeking haven as European equities, pound decline
- Goldman Sachs increases its price targets by $100 an ounce
Brexit Fallout: Gold Rises Most Since 2008
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Gold rose for a second day, adding to the biggest surge in seven years on Friday, as the fallout from the U.K.’s decision to leave the European Union boosted haven demand.
Bullion increased as the pound extended a record selloff and European equities fell to the lowest since February. Gold jumped 4.7 percent on Friday as the referendum result caused turmoil across global markets, spurring a $4.3 billion surge in holdings in bullion-backed funds, the most in four years.