Gold climbs as Brexit dims prospect for US Fed rate increase

[SINGAPORE] Gold advanced as the likelihood of an interest rate increase in the US diminished following Britain's vote to quit the European Union.

Bullion for immediate delivery rose as much as 0.6 per cent to US$1,319.12 an ounce and traded at US$1,318.24 at 9:23 am in Singapore, according to Bloomberg generic pricing.

The metal retreated one per cent on Tuesday after a 5.4 per cent surge following the Brexit result on Friday, which was its biggest two-day jump since January 2009.