Sterling hits 5 month high as gold falls below £1,000
19 Apr 2017 By Duncan Richardson
The gold price fell 2% yesterday following Theresa May’s decision to hold a snap general election on the 8th of June. The pound surged as high as $1.27 against the U.S. dollar, its highest levels since December 2016.
The currency markets believe an election victory for the Conservative party will strengthen their position during the upcoming Brexit negotiations.
Despite yesterday’s price fall ongoing concerns regarding North Korea and next Week’s French election should help to support the gold price. A senior figure in the North Korean government has accused America of turning the Korean peninsula into “the world’s biggest hotspot” and creating an environment in which thermonuclear war could break out.
Whilst in France National Front leader Marie Le Pen has confirmed she would suspend all legal immigration into France if she becomes the President on the 7th of May.