Gold Prices Hovers Near 2 Week Lows Ahead Of Britain Referendum

Gold Prices Hovers Near 2 Week Lows Ahead Of Britain Referendum

Prices of gold hovered near its lowest level in longer than two weeks on Wednesday as Asian stock markets rose amid investors looked forward to long-awaited consultation Thursday on whether Britain will opt to stay in the Union European.

Gold for August delivery on the Comex Exchange fell to an intraday low of $1,263.80 a troy ounce, the weakest since June 9. It last stood at $1,271.00, down $1.50, or 0.1%.

Spot gold was nearly flat at $1,268.49 an ounce.

On Tuesday, Gold tumbled $ 19.60, or 1.52%, its highest daily loss in a month, on expectations that Britain would vote to stay within the European Union growing.

Politicians of both sides of the issue the last arguments were made today ahead of the polls open on Thursday at 6: 00GMT, or 7:00 a.m. London time. Polls close at 21: 00GMT, or 22:00 in London. The outcome is likely to be projected Friday morning, before the official count of the votes, based upon the preliminary vote count and exit polls were announced.

In the meantime, the President of the Federal Reserve, Janet Yellen, appear to politicians for a second day Wednesday to testifies before the Financial Services Committee at 14: 00GMT, or 10 a.m. ET.

Accordance with an opinion survey published on Tuesday, the campaign for Britain to remain in the EU has seen its lead over rival cut “out” field just one point.

Holdings in SPDR Gold Trust jumped 0.39 percent to 912.33 tonnes on Tuesday, the highest since Sept, 2013.

Besides at the Multi Commodity Exchange, silver for delivery in far-month September was trading lower by Rs 66 or 0.22 per cent at Rs 42,000 per kg as taking weak cues from overseas markets.

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