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Daily Review 04.10.2016

Sterling drops as U.K. signals Brexit

The pound fell against the dollar and euro after the U.K. government sent out signals about the timetable for the country’s “Brexit”, with investors trying to take in what this could mean for the U.K. economy.

The pound traded down 0.76 percent at $1.2876 against the dollar and around 0.7 percent lower against the euro, being worth 87.20 pence a single currency. However, market watchers forecast more strife for the currency.

Theresa May, U.K. Prime Minister, said that she would trigger article 50 over the weekend. This formally starts the exit process by the end of March 2017 at the latest, sending the clearest signal to markets that Brexit was continuing.

Gold continues to linger on losses after positive U.S. data

Gold continues to hold on to losses after falling lightly in the previous session, on a more solid dollar after a buoyant U.S. economic data.

Spot gold went down nearly 0.1 percent to $1,310.35 an ounce. The bullion fell 0.3 percent to a near two-week low of $1,309.07.

U.S. gold futures were nearly flat at $1,313.10 an ounce.

Goldcorp said on Monday that it was temporarily shutting down its Peñasquito gold mine in Mexico because it can’t safely continue operations due to a week-long [blockade by a trucking contractor, sending its shares down close to 5 percent.

India’s gold imports fell for a ninth straight month in September as weak retail demand and higher discounts caused banks and refineries to cut overseas purchases of bullion.

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