By Myra P. Saegong
Gold futures finished at their lowest level in almost two weeks on Tuesday, suffering a third-straight session decline as some investors bet that the U.K. will vote to remain in the European Union.
A U.K. referendum on whether Britain will exit the EU—known as Brexit—will be held Thursday, and while polls have been mixed, some have leaned toward the U.K. remaining a member of Europe’s trade bloc, which has dulled haven demand for the precious metal.
Gold for August delivery GCQ6, -1.81% shed $19.60, or 1.5%, to settle at $1,272.50 an ounce—the lowest settlement since June 8. The SPDR Gold Trust ETFGLD, +0.11% was down 1.6%.
Global markets have been bracing for the possibility that a Brexit would unsettle markets, even temporarily. Surveys gauging the likelihood of a Brexit have been volatile, with polls in early June showing gains in the pro-leave camp driving investors into assets perceived as safe, including gold, bonds and the Japanese yen.
But the yellow metal has lost its luster with the gold market apparently focusing on the chances that the U.K. will remain in the EU.