By Seattle Times Staff/Bloomberg News
Gold delivered and more gains may be in the cards.
As global financial markets were cast into turmoil by Britain’s decision to quit the European Union, the commodity that’s known above all else for its role as an investment refuge rewarded backers with the biggest surge since the global financial crisis in 2008.
“Gold is doing what an asset like gold should do,” said Dominic Schnider, head of commodities and Asia-Pacific foreign exchange of the wealth-management unit at UBS Group AG. “Gold has delivered what it promised: doing extremely well in adverse times. The question is, is there a longer-lasting effect?”