The Price of Gold After “Brexit”
Gold News
As of June 27, 2016 at 2:50AM, the price of gold rose 0.8% and was selling at $1326.80 per ounce. Starting in anticipation of and continuing following “Brexit,” gold has been rallying and even topped its two year high on Friday at $1358.54 per ounce. On June 24, the day that Britain announced that the outcome of the “Brexit” vote would lead to Britain leaving the EU, there was a bullish effect on gold. The bullion rose 4.8%, which is the highest rise in a single day since January 2009, despite the fact the the pound depreciated markedly.
Looking forward, the price of gold will likely rise. According to a Bloomberg survey, there could be as much as a rise of another 7% by year-end. It is important to note that the British exit from the European Union will not take place immediately so the full effects will be felt more in the long term.
On May 26, I Know First’s algorithm accurately predicted that gold prices would increase and stocks would have positive returns as seen in “Gold Prediction Based on Deep Learning: Return up to 8.97% in 1-month.” I Know First’s average percent change came out to 8.14%.
