Gold in Pounds Rises 1.5% To £1,001/oz – Risk Of UK Political Turmoil
– Gold in pounds rises 1.5% from £986/oz to £1,001/oz after shock UK election result
– Gold reaches 7 week high and surges 6% in the last 30 days from £942/oz to £1,001/oz
Gold in pounds – 1 month
– Very robust gold sales experienced by gold brokers, including GoldCore, in the UK this week and today
– May’s ruling Conservative party loses overall majority and prospect of hung U.K. parliament
– PM May vulnerable from within Tory Party and Corbyn has called for her to resign
– Corbyn and Labour party on the rise which may pose risks to vulnerable London property market and UK economy as investor sentiment towards UK sours further
– Vote set to boost political turmoil in UK, complicate Brexit talks with EU whose hand is strengthened
As reported by Bloomberg News this morning:
Gold priced in sterling surged to the highest level in more than seven weeks as Prime Minister Theresa May failed to win an overall majority in the U.K. election, signaling further political turmoil less than a year after Britain voted to leave the European Union.
The outcome throws into doubt May’s future as prime minister just days before negotiations are due to start on the country’s exit from the EU.
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