Friday June 10, 2016 09:04
Uncertainty over the U.K. vote on leaving the European Union, combined with anticipation of a Federal Open Market Committee meeting next week, should provide further support for Comex gold futures, says Phil Flynn, senior market analyst with at Price Futures Group. “Gold this week has performed really, really well,” he says. “We can see some follow-through momentum. People are getting more nervous as we get closer to the Brexit vote and they will be getting more nervous as the FOMC comes up.” The Federal Open Market Committee meets next week and financial markets have ruled out any meaningful chance of a rate hike, particularly after the soft U.S. jobs report issued last Friday. As of 9:54 a.m. EDT, Comex August gold was up $5.20 to $1,277.90 an ounce. The contract peaked at $1,278.50, its most muscular level since May 18.