Gold prices skyrocketed by nearly $60 (roughly 5%) on Friday following the UK’s Brexit vote. The fallout from the UK voters’ decision to exit the EU saw the stock market fall across the board. Because of this, it seemed investors flocked to gold and other precious metals as a safe haven shelter from the stock market. At the time of this post, gold prices are at $1,318.60, which indicates a new 12 month high.
Notable markets trading lower on Friday include the DOW Jones (-610 points) and S&P 500 (-75.91 points). Within both European, Asian and American markets, many stocks fell by over 5% across the board. It is unclear how long the effects of the UK’s Brexit vote will weigh on the markets, but it seems it will continue to affect it for at least a few more days. If gold prices can hold their current levels, it will signal a new trading range.