On Monday, gold price was rising on the back of the UK decision to the European Union. Brexit boosted demand for safe-haven assets.
Prior to the EU referendum, the final polls showed Remain with a significant lead and markets were sure that the UK would not leave the bloc. So the result was a big surprise to investors and economists, thus causing gold price rallying to $1,363 a troy ounce, its highest level since March 2014.
As a rule, investors choose gold as a safe-haven asset when global economic and geopolitical uncertainties rise.
"In the next week or two, we think gold could push towards $1,400," said ANZ commodity strategist Daniel Hynes, adding that a weak US dollar would also support bullion.
