Gold jumps 1%, extending its 5-week rally on post-Brexit momentum

Gold futures rose Monday, building on their recent gains spurred by the U.K.’s decision to exit the European Union.

August gold GCQ6, +0.54%  climbed $15.20, or 1.1%, to $1,354.20 an ounce, while September silver SIU6, +2.28%  jumped by 98 cents, or 5%, to $20.57 an ounce.

“There is still little in the near-term outlook to suggest that the rally has reached exhaustion point yet,” said Bill McNamara, a Charles Stanley technical analyst, in a note on Monday.

On Friday, gold settled 1.4% higher for the session, finishing with an advance of 1.3% for the week and achieving its fifth straight weekly gain.

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