UK elections
Gold fell again on Friday, June 9, 2017, for the third consecutive day. It touched a low of $1,264.80 per ounce and then settled at $1,269.50. Silver joined in and fell about 1.1%, closing at $17.30 per ounce. Platinum and palladium, however, saw an up day.
The movements were probably affected by the UK elections on Thursday, which were surrounded by speculation and ended up with no single party able to claim control of the government. Incumbent Prime Minister Theresa May’s Conservative Party failed to secure a majority in the elections. She intended to bring in a stronger majority party before divorcing the European Union.
Many investors expected the ongoing election concerns to give gold a boost as a safe haven asset. But that didn’t happen.
