Gold prices and the corresponding SPDR Gold Trust (ETF) (NYSEARCA:GLD) made a comeback today in premarket hours after markets factored in the fading chances of a Federal Reserve rate hike this year.

Brexit changed the equation

Fed Governor Jerome Powell was the first of the Fed policymakers to comment post-UK vote as he said that the event has pulled global risks to the upside while posing a new threat to the U.S. economy’s outlook. During early European hours, Gold Futures for August delivery were trading 0.30% higher at $1,321.85. Investors returned to bullion and other safe assets over speculations that other European members will follow Britain’s lead and leave the EU.

Up ahead in the day, investors will follow updates from the Commerce Department in the U.S. to gauge the direction of core personal consumption expenditure (PCE) for May. In other commodities, silver futures for September rose 2.34% to 18.307.

Moody’s project greener times

Meanwhile, a rally in AngloGold Ashanti Limited (ADR) (NYSE:AU) and Gold Fields Limited (ADR (NYSE:GFI) was jump-started after Moody’s investors service predicted that the two gold miners would gain the most following Britain’s decision to leave the European Union. According to the research firm’s report, AngloGold could attain $305 million of free cash flow in the second half of this year while Gold Fields could see an increase of 37% in its cash flows to $185 million.

Amid these projections, AngloGold has revealed that it plans to buy back as much as $475 million of outstanding bonds that were issued in 2013. The company’s decision came as a result of tailwinds that came its way due to lower South African rand and Brexit fallout. The company will repay the bonds using its $1 billion revolving credit facility alongside surplus cash. It is to be noted that AngloGold had sold Victor and Cripple Creek mine in the U.S. to Newmont Mining Corp (NYSE:NEM) last year to finance its buyback of $775 million of bonds.