SLIPPERY SLOPE: Gold prices continue to soar, along with global financial uncertainties, in the fallout from last week’s Brexit vote. The safe haven metal reached a two-year high on Wednesday, escalating to $1,367 per troy ounce.
The precious metal had been in freefall throughout most of 2015 – hitting below $1,100 per ounce in December. But Europe and the U.K’s unraveling relationship has changed the commodity’s course.
Earlier Wednesday, the pound fell to a 31-year low against the dollar – sliding to $1.27 against the currency, before perking up slightly to $1.29 by market close.
Estimates point to the pound losing between 10 percent and 14 percent of its value against the dollar in the wake of the referendum vote.