Gold Drops Below $1,300 an Ounce to Lowest Since Brexit Vote

What Happened to Gold Market Volatility?

Gold dropped below $1,300 an ounce in London for the first time since June 24, the day after the U.K. voted to leave the European Union.

Bullion for immediate delivery fell as much as 1.2 percent and was at $1,296.56 an ounce by 1:28 p.m. in London, according to Bloomberg generic pricing.

gold chart
Source: Bloomberg

After surging 25 percent in the first half, prices have since retreated 1.8 percent amid expectations that U.S. policy makers will raise interest rates. Higher borrowing costs curb demand for the metal, because it doesn’t provide any yield.

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