Gold just tumbled below $1,300 for the first time since Brexit

Gold just tumbled below $1,300.

Prices for the shiny metal are down by 1.2% to $1,297.15 an ounce as of 8:45 a.m. ET — the weakest level since June 24, or the day after the Brexit vote when global markets were in chaos.

Gold is considered a traditional risk-off, “end of the world” trade and is often bought up aggressively by investors in times of stress.

Relatedly, markets are seeing the likelihood of a November rate hike at 21.4%, and around 61.2% for a hike by the end of the year.

Moreover, the US dollar is up by 0.5% at 96.19 following comments by Cleveland Fed president Loretta Mester, who said that, “We have to be a little pre-emptive in making sure that we’re moving the interest rate up so that we can keep the expansion sustained.”

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