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- Gold little changed for the day
Gold little changed for the day
Gold fell slightly today, updating the two-week minimum but then retraced. The decline was due to the weakening concerns about Britain's exit from the EU.
Precious metal, which is seen as a hedge against economic and financial uncertainty, reached nearly two-year high on June 16 as the markets reacted to the growing concern about the prospect of Brexit.
"The fears that were present in the middle of last week seem to diminish, and gold is getting cheaper," - said Julius Baer, Carsten Menke.
Meanwhile, many analysts have pointed out that despite the outcome of the referendum gold prospects remain positive, mainly due to lower expectations about the Fed rate hike, as well as due to the slowdown of the world economy.
The assets of the world's largest gold exchange-traded fund SPDR Gold Trust rose on Thursday by 0.4 percent to 915.90 tons.
The cost of the August gold futures on the COMEX fell to $ 1266.3 per ounce.
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