By Rachel Koning Beals
Gold futures traded lower for a fourth session Wednesday and was headed to its lowest level in two weeks ahead of a highly anticipated referendum on the U.K.’s membership in the European Union.
A U.K. referendum, dubbed Brexit, will decide whether Britain exits the EU. And while polls have been mixed, the latest tone tips toward the U.K. remaining a member of Europe’s trade bloc. That perceived stability has dulled demand for “haven” gold that in recent weeks had approached $1,300 an ounce before retreating.
Early Wednesday, gold for August delivery GCQ6, -0.32% slipped $2, or 0.1%, to $1,270 an ounce. Gold closed at $1,272.50 on Tuesday, the lowest settlement since June 8. The SPDR Gold Trust ETF GLD, -0.06% was up 0.2% Wednesday in premarket trade.
Meanwhile, July silver SIN6, -0.11% was little-changed, but tilting slightly higher at $17.33 an ounce. The iShares Silver Trust SLV, +0.18% traded 0.3% up in premarket trade.
Gold fell even as a broad measure of the dollar dipped in the red. The ICE U.S. Dollar Index DXY, -0.56% was down 0.2%. The dollar also traded lower against its Japanese counterpart. U.S. stock futures churned in narrow ranges.
Gold had climbed for much of early June because...