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Gold Advances to Four-Week High on Brexit Risk, Fed Rate Outlook

  • Gold prices are ‘pretty well underpinned’ by Brexit: Cordier
  • Silver holdings in ETFs just short of record in October 2014
Updated on

Gold climbed to the highest in four weeks as uncertainty mounts over whether Britain will exit the European Union and traders price in zero odds the Federal Reserve will raise U.S. interest rates this week.

Polls showed the outcome of the Brexit referendum was too close to call, boosting the metal’s appeal as a haven asset. Fed futures data show no chance the U.S. central bank will raise interest rates Wednesday, down from a 24 percent likelihood at the end of May, after U.S. non-farm payroll data came in weaker than expected.