Gold futures on the COMEX division of the New York Mercantile Exchange fell on Monday as U.S. equities rebounded despite a weaker U.S. dollar.
The most active gold contract for August delivery fell 2.70 U.S. dollars, or 0.21 percent, to settle at 1,292.10 dollars per ounce.
Gold futures on the COMEX division of the New York Mercantile Exchange fell on Monday as U.S. equities rebounded despite a weaker U.S. dollar.
The most active gold contract for August delivery fell 2.70 U.S. dollars, or 0.21 percent, to settle at 1,292.10 dollars per ounce.
The precious metal was put under further pressure as the United Kingdom' s vote to leave the European Union lost momentum. U.S. investors had been displaying fear about the potential for the United Kingdom to vote on a referendum to leave the European Union. The referendum has been dubbed the "Brexit" by investors. Analysts noted that the potential for a Brexit has caused volatility in the market, driving investors to gold as a safe haven, but Monday's news was a positive sign for equities.
Investors are waiting on Thursday’s vote by the United Kingdom on its status in the European Union.
As the vote approaches the chances of a British exit from the European Union is looking less likely, than it did last week anyway.
Reference: Xinhua, Proactive Investors
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