Gold retraces to 1315 as global markets stabilize a bit

As UK voted to leave the European Union investors flock to the traditional safe-haven assets, assisting the yellow metal to surge over 8% and touch its highest level since March 2014. Gold, however, has trimmed nearly half of its early sharp gains and is currently trading back close to recent trading range around $1300 mark. 

The official results from the crucial EU referendum in the UK announced a victory for the 'Leave' camp, raising uncertainty and boosting demand for gold, which is perceived as a safe-haven investment during times of market turmoil. The precious metal traded as high as $1358 before turning back to currently trade a tad below $1320 level as major central banks kicked-in to clam investors' nervousness.

Keep a close watch on $1300 round figure mark to extend immediate support, while further upside from current level could still be expected.