Gold in pounds climbs to seven-week high on hung Parliament fear

Gold priced in sterling surged to the highest level in more than seven weeks after projections showed Prime Minister Theresa May will fail to win an overall majority in the UK general election, signaling further political turmoil less than a year after Britain voted to leave the European Union. The election campaign was dominated by security issues and Brexit amid terror attacks and as the government prepared to start talks to pull the country out of the EU. While the ruling Conservative Party is projected to win most seats in parliament, the predictions indicated it will fall short of an absolute majority.