Gold Futures Prices Retreats, as PM’s Death Casts Doubt on Brexit Vote

Gold Futures Prices Retreats, as PM's Death Casts Doubt on Brexit Vote

US gold futures prices upwards in early trading on Friday after posting its biggest daily fall of more than three weeks in the previous session amid making heavy profits, as officials suspended Brexit campaign for the second day after the tragic death of Member of Parliament, hurling narrow tuning referendum next week in limbo.

On the Comex Exchange, Gold for August delivery traded in a broad range between $1,279.50 and $1,299.15 an ounce before settling at $1,293.45, down $4.95 or 0.39% on the session.

Spot gold was up 0.2 percent at $1,281.30 an ounce, which has risen 0.7 percent this week so far, fell one percent on Thursday to notch up its biggest one-day loss since May 24.

On Friday, a number of events ahead of referendum Brexit next week were canceled, as residents U.K. continued to mourn Jo Cox, a member of the Labour Party who was shot and stabbed to death in North Yorkshire a day earlier. Cox, who was elected to the House of Commons last year, that had campaigned openly for the “Stay” field in recent weeks. It was the first death of a member of Parliament in two decades. Out of respect for Cox, several public opinion polls and an International Monetary Fund were delayed until the weekend.

Voters in the UK seem to be evenly split on whether to back an outlet for the UK part of the European Union. While the “Stay”, held as far as 70-30 lead months ago, the campaign “out” vote has gone ahead in several polls featured this week. Still, the British bookmaker Betfair helped mitigate concerns of a Brexit reporting that approximately 65% of the bets he has handled have been the subject of “Stay” side.

The yen held at multi-year highs versus the Dollar and the EUR Friday morning, after having climbed across the board after the Bank of Japan refrained from adding new momentum while sterling organized a rebound in a choppy trading.

President of the Federal Reserve, Janet Yellen, will appear before the legislators in the House of Representatives on Wednesday to discuss monetary policy and the state of the economy, according to authorities.

In Delhi Gold falls by Rs 600 to Rs 29,650 per 10 grams at the bullion market on Friday.

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