Gold fell on Tuesday as investors opted to book profits, after the yellow metal traded near the highest since July 2014, buoyed by safe-haven demand after global stock markets plummeted in the wake of Britain's decision to exit the European Union.
Gold in the previous session extended gains from Friday when it closed up 4.8% at US$1,315.48 an ounce, the most since July 2014 and the biggest one-day gain since January 2009 as the British vote prompted investors to turn to safer assets.
Investors, however, scooped up beaten down assets on Tuesday as sterling and Asian emerging market currencies regained some footing and crude oil bounced, bringing down the demand for gold. The safe haven asset is often perceived as a hedge against economic and financial risk.
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Gold in the previous session extended gains from Friday when it closed up 4.8% at US$1,315.48 an ounce, the most since July 2014 and the biggest one-day gain since January 2009 as the British vote prompted investors to turn to safer assets.
Investors, however, scooped up beaten down assets on Tuesday as sterling and Asian emerging market currencies regained some footing and crude oil bounced, bringing down the demand for gold. The safe haven asset is often perceived as a hedge against economic and financial risk.
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