Gold prices push above $1,300 per ounce

The gold market appears to be forecasting a “leave” victory as prices have pushed above $1,300 an ounce Thursday evening.

With 62% the polls reporting in, support for Britain to leave the European Union is at 51.2% with the “remain” camp garnering 48.8% of the vote.

Financial markets have been extremely volatile in what has been a neck-and-neck battle in this referendum. The biggest loser in this race has the British pound, which has lost 7.8% against the U.S. dollar, hitting an overnight low at $1.365.

As most gold market analysts have expected, gold has benefited from volatile currency markets.
As the “leave” campaign takes the lead at the halfway mark gold prices are up more than 3%, hitting a session high of $1,308 an ounce.

However the surprising move in gold has been against the pound. Spot gold prices against the pound is up more than 12%, last trading at £963.41 an ounce.