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Gold ETF surges 2-7% on demand for safe-haven metal post Brexit

The rally in precious metal reflected in gold exchange traded funds as well. Birla Sun Life, Goldman Sachs, ICICI Prudential, Kotak, IDBI gold ETFs etc gained 2-7 percent.
Jun 24, 2016 / 11:59 AM IST
 
 
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Moneycontrol Bureau

Equities, currencies, bonds and oil markets fell sharply after the United Kingdom decided to leave the 28-nation European Union but the safe-haven gold bucked the trend.

Gold prices jumped to the highest in nearly two years on concerns that Brexit may force Europe into a recession, hurting the global economy.

Gold futures were up 4.7 percent at USD 1,322.60 an ounce in international markets. In India, gold was trading at Rs 31,567 per 10 gram, up 5.5 percent (at 11:57 hours IST).

The rally in precious metal reflected in gold exchange traded funds as well. Birla Sun Life, Goldman Sachs, ICICI Prudential, Kotak, IDBI gold ETFs etc gained 2-7 percent.

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