Gold Falls 0.25% After Johnson Says Brexit Agreed; Markets Remains Skeptical Of The ‘Deal’

October 17, 2019

◆ Gold has fallen in pounds, euros and dollars after breaking news suggesting a Brexit deal has been reached

◆ The pound and the euro rose with the pound gaining 0.52% against the dollar

◆ The Australian and New Zealand dollar saw larger gains of 1% and 0.7% respectively which suggests foreign exchange markets remain skeptical of the deal

◆ Relief and hope of an actual deal saw the pound rise to stand above $1.29 for the first time since May on the reports

◆ European and UK stocks have seen a slight bounce in a relief rally, the FTSE gained 0.65%, the EuroStoxx 50 was up 0.6% and the DAX rose 0.7%

◆ The UK and EU negotiators have been working on the legal text of a deal and appear to have reached agreement, but it will still need the approval of both the UK and European parliaments and the DUP are saying they will not support it

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Mark O'Byrne is executive and research director of www.GoldCore.com which he founded in 2003. GoldCore have become one of the leading gold brokers in the world and have over 4,000 clients in over 40 countries and with over $200 million in assets under management and storage.We offer mass affluent, HNW, UHNW and institutional investors including family offices, gold, silver, platinum and palladium bullion in London, Zurich, Singapore, Hong Kong, Dubai and Perth. 

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