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Updated 22:08 23/10/20

Why was the gold price so volatile in 2016?

By Duncan Richardson, News Editor

04 Jan 2017

Gold was a top performer in the first half of 2016 as safe haven bids drove the price from a depressed £732 per ounce at the turn of the year to £851 per ounce on the eve of Brexit. The decision to leave the EU surprised the markets and gold denominated in sterling exploded overnight to over £1,040 per ounce.

The gold price traded sideways for the remainder of the summer and then rallied to a 5-year high of £1,060 per ounce days before the U.S. election. Despite Donald Trump’s surprise victory on the 8th of November, the gold price declined for the remainder of the year as stock-markets rallied across the globe. Denominated in U.S. dollars the gold price rose $72 per ounce and in sterling £200 per ounce.

2016 was a pivotal year for gold as it ended the multi-year decline. The gold price had been in a four-year bear market after reaching a new all-time high in August 2011.

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