Baku. 24 June. REPORT.AZ/ Withdrawal of the UK from the European Union (Brexit) led to an increase of current demand for gold in the global market, which is the main risk-free financial assets.
Report informs, Brexit was perceived as a crisis in global financial markets, prompting investors to start selling risky assets and buy gold and the US-dollar. Thus, gold was going up rapidly after the publication of the referendum results. Within hours, the price of gold increased by $109 or 8.7% to 1362 USD/ounce. Now gold is traded at 1321 USD/ounce.
Analytical Group of Report News Agency believes, after rising to 1 400 dollars per ounce, gold will start to fall in price and to drop to $1 250. The decrease reason is related with the risks of probability of increasing the key rate at the July meeting of the Federal Reserve System (FRS).
Gold may once again move into the growth phase with the approaching date of presidential elections in the US on November 8.
In the coming year the gold price will fluctuate in the range of 1 250-1 400 USD/ounce.