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Gold Rally Isn’t Over as Traders See Lasting Brexit Gain: Survey

  • Bloomberg survey of analysts, traders pegs gold at $1,424
  • Odds of U.S. rate increase drops to 1.9% through November
Bloomberg business news

Brexit Fallout: Gold Rises Most Since 2008

The fallout from the Brexit vote will mean even more gains for gold, which already surged to a two-year high on Friday as the world grappled with the economic impact of the U.K.’s exit from the European Union.

Prices could reach as high as $1,424 an ounce by the end of the year, according to the median of 12 forecasts in a Bloomberg survey of analysts and traders from New York to London conducted on Friday. That would be the highest since August 2013 and a gain of more than 7 percent from where the metal is trading now. Estimates in the survey ranged from $1,375 to $1,600.