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Gold slips as stock markets stabilize

Bnamericas Published: Monday, June 20, 2016
Gold slips as stock markets stabilize

Gold moved lower on Monday as stock markets gained strength.

The precious metal ended US$8.90 lower at US$1,281.80/oz in London, and down from last Thursday's 22-month high of US$1,310.75/oz.

"Weighing on gold this morning is the higher risk appetite exhibited by market participants, as reflected among other things in firm stock markets and higher bond yields," Commerzbank said in a note.

Gold was also affected by polls suggesting strengthening support for the UK to remain in the European Union ahead of a referendum this Thursday.

A poll-of-polls by the Financial Times puts support for leave and remain neck-and-neck at 44%. Previous polls favored the leave campaign.

"Clearly this is helping calm the financial markets again somewhat, as a result of which gold is currently in less demand," Commerzbank added.

VOLATILE OUTLOOK

Gold is likely to remain volatile ahead of the referendum, FastMarkets head of research William Adams said.

"A 'remain' vote will no doubt see short-term profit-taking but a 'leave' vote may well have longer-term bullish consequences," he added.

Silver ended Monday at US$17.335/oz, down from US$17.370/oz on Friday.

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