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Gold Surges 5% As Britain Leaves The European Union; Crude Prices Crash
Gold prices surged in trade as investors chose safe haven assets as Britain chose to leave the Eurozone, that shocked world markets.
Check gold rates in Indian cities here
Spot gold was seen trading at $1320, jumping as much as 5 per cent. India was hit by a double whammy with gold prices surging on account of an increase in international prices and also a fall in the rupee against the US dollar.
The currency was last seen trading at 67.88 to the US dollar. Along with a rally in crude prices, there was a crash in crude prices, which plunged as much as 4.8 per cent with Brent Crude last trading at 47 to the dollar.
There are worries that an exit by Britain from the EU would push the country into recession, which added to the losses in gold.
Analysts say that gold prices would continue to rally, till such a time, as there is a certainty on what could happen in the Eurozone.
There are reports now that many opposition parties in the European region are asking for a referendum
Meanwhile, Indian stock markets crashed and the Sensex was down 1000 points.
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