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Gold eased more than 1 percent on Monday, extending its slide from a near 2-year peak hit last week, as polls ahead of a referendum showed Britain could opt to remain in the European Union.
Three opinion polls ahead of Thursday's vote showed the 'Remain' camp recovering some momentum, although the overall picture remained one of an evenly split electorate.
Easing concerns over 'Brexit' sparked a rally in Asian stocks and the sterling, and increased investor appetite for risk assets, hurting gold.
"We have to suspect that markets will remain quite choppy in the lead up to the British vote and in gold's case, the path of least resistance will likely be higher," INTL FCStone analyst Edward Meir said in a note.
"The best case scenario for gold in the coming few days is that it stabilizes at the current level just ahead of the $1,300 resistance level. But there could be a bit of pull-back to about $1,250-$1,260," said Mark To, head of research at Hong Kong's Wing Fung Financial Group.
"By the end of June, I think $1,300-$1,400 should be relatively a reasonable price for gold."
Reference: Reuters
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