by Ewa Manthey
Gold hit a four-week high on Monday morning in London, supported by a sliding dollar and weak Asian equity markets and ahead of the US Federal Reserve meeting this week and a June 23 UK referendum on EU membership.
– The spot gold price was last at $1,280.50/1,280.90 per ounce, up $7 on Friday’s close. Trade so far has ranged from $1,272.55 to $1,284.25 – the highest since May 16.
– The weekend’s events, including the largest mass murder in modern US history and the bombing in Pudong airport in Shanghai, boosted demand for gold, market participants noted.
– “With the FOMC meeting on Wednesday and the Brexit vote ten days away, the markets are likely to remain nervous and safe-haven products are likely to be in demand,” FastMarkets head of research William Adams said.
– In the other precious metals, silver was last little changed at $17.290/17.310 per ounce while Platinum at $990/995 was up $6 and palladium at $545/550 was $5 higher.
(Editing by Mark Shaw)
