Commodity Blog

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Oil & Silver Rise, Gold Drops as Fears of Brexit Wane

June 20, 2016 at 8:50 by Vladimir Vyun

The upcoming referendum about the future of the Great Britain in the European Union (or outside of it) remains the major driving factor for markets. So happens, currently it is beneficial for growth-related commodities. Therefore, silver and crude oil gained while prices for gold retreated.

The deadly attack on the pro-EU lawmaker caused a shift in sentiment as now polls show that votes for staying in the EU are in the lead. An exit of the United Kingdom from the EU is considered to be very bad for the European economy, and for the world’s whole economy as well, while staying in the Union should be good for the economy. Therefore, prospects for the Brexit helps safe haven assets while rising chances for the Bremain are helpful for riskier ones.

August futures for delivery of gold dropped 0.34% to $1,290.4 per troy ounce as of 8:42 GMT on COMEX today. July contract for silver climbed 0.97% to $17.58 per ounce. July WTI crude oil jumped 1.83% to $48.86 per barrel in NYMEX. Futures for delivery of Brent crude in August surged as much as 2.22% to $50.26 per barrel on ICE.

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