Gold Slips as Investors Remain Wary of Brexit

Market Trends - 22/06/2016

Global indices closed in the green on Wednesday but investors remain cautious ahead of the UK's referendum vote tomorrow. Federal Reserve Chair Janet Yellen and ECB President Mario Draghi both reiterated that their respective central banks were closely monitoring the vote and said that the central banks were on standby to meet any outcome. Gold prices eased back yesterday with COMEX gold futures falling 1.52% to close at $1223.80 after only last week, when gold prices rallied to a new 52-week high of $1318.90.

In the UK, campaigners for the In and Out parties ramped up their last minute campaigning on Wednesday with British Prime Minister David Cameron outlining his vision for a future with Britain in the EU - saying "Brits don't quit." Recent polls continue to show both camps running neck and neck. On late Tuesday, there was a live debate at Wembley Arena with former London Mayor Boris Johnson making the case for leaving the EU. Latest polls by Survation Ltd. and YouGov showed both sides in a close race, as GBPUSD pulls back from its weekly highs of $1.477, currently trading flat.

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