By Eddie Van Der Walt and Joe Deaux
Gold fell back and copper soared as global markets stabilized on speculation that policy makers will do more to curb the post-Brexit fallout.
Bullion fell after its biggest two-day surge in seven years as European and U.S. equities and the pound climbed for the first time since the U.K. voted to leave the European Union. Concern that an exit will disrupt the global economic recovery had caused market turmoil and boosted gold by 5.4 percent in just two days as investors sought a haven.
“We have stock markets all around the world consolidating and rebounding from the panic selling, so we’ll be getting into stocks and a little out of gold based on fear of the Brexit just about ending,” James Cordier, the founder of Optionsellers.com in Tampa, Florida, said by phone. “By the end of the week, Brexit will have been digested and gold will probably settle around this level.”
Gold for immediate delivery slid 0.7 percent to $1,315.34 an ounce at 2:15 p.m. in New York, according to Bloomberg generic pricing. Prices have climbed 24 percent this year.