Gold Prices Slips to $1,270 As Expectations Grow That Britain Will Stay In European Union

Gold Prices Slips to $1,270 As Expectations Grow That Britain Will Stay In European Union

Prices of gold futures extended losses overnight on Tuesday, falling to a more than a low week as investors looked forward to the testimony of President of the Federal Reserve, Janet Yellen, plus exchanges of Asia extended a rally growth expectations in Britain choose to stay in the European Union into a referendum later this week.

Gold for August delivery on the Comex Exchange down to a session low of $1,272.00 a troy ounce. A day earlier, gold shed $2.70, or 0.21%.

Spot gold fell 0.3 per cent to $1,285.31 an ounce, after earlier rising as high as $1,294.

Yellen is scheduled to testify about the economy before the Senate Banking Committee, at 14: 00GMT, or 10 a.m. ET, Tuesday. She will look forth in front of the House of Representatives’ Financial Services Committee on Wednesday.

Their appearance comes less than a week after the central bank kept rates US interest rate unchanged near historic lows and reduced its forecasts for hikes in 2017 and 2018.

Two opinion polls on Monday have suggested Britain support their stay in the European Union had rebounded some ground after the murder of a pro-EU legislator.

Betfair sportsbook odds have also demonstrated Britain “remain” option gaining ground, with the implied probability of that outcome at 78 pe rcent on Monday, compared to 60-67 percent on Friday.

“This will probably will continue to press gold unless the vote UK tightens again.”

Holdings in SPDR Gold rose 0.10 percent to 908.77 tonnes on Monday, the highest since September 2013.

At Multi Commodity Exchange, gold for delivery in August shed Rs 111 or 0.36 per cent to Rs 30,584 per 10 grams as participants cut bets amid a weak global trend.

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