By Myra P. Saefong and Rachel Koning Beals
Gold futures ended lower after two consecutive days of gains as haven investments lost some traction following a tentative return of risk appetite, three days after the U.K. voted to exit the European Union.
The decision, dubbed Brexit, has roiled global markets since Friday, driving investors out of assets perceived as risky and into havens like gold
But on Tuesday, stock markets steadied, diminishing the appeal of assets like gold, which is traditionally viewed as a port in a storm.
“Given the rapid rise in gold prices from the Brexit results of around $80 per ounce, some profit taking. is a positive signal for a longer-term bullish trend in gold prices,” Anthem Blanchard, chief executive officer of Anthem Vault, told MarketWatch.
“The primary focus of global markets will likely be on further European Union instability in the form of a euro-accepting member potentially exiting the EU next,” he said. Uncertainty in the markets can lure more investors to gold.
On Tuesday, August gold GCQ6, -0.77% fell $6.80, or 0.5%, to settle at $1,317.90 an ounce after closing at $1,324.70 an ounce Monday, the highest settlement level since July 11, 2014.