By Myra P. Saefong
Gold futures settled with their fifth-straight session loss Thursday, holding ground at two-week lows, as major global stock markets gained ahead of a historic decision on the U.K.’s membership in the European Union.
Gold for August delivery GCQ6, +0.50% declined $6.90, or 0.5%, to $1,263.10 an ounce. Over the past five days, gold has declined 2.7%. The SPDR Gold Trust ETF GLD, +0.97% was down 0.4% on Thursday.
Although referendum polls remained tight, the Ipsos Mori poll for the Evening Standard newspaper, showed 52% of U.K. respondents in the “remain” camp compared with 48% backing the “leave” side. European stocks and the pound extended gains after the poll. Ipsos Mori’s June 16 survey had the “leave” side ahead.
“Gold and silver may come under further selling pressure in the short term, especially if the ‘Remain’ side wins the referendum,” said Mark O’Byrne, director at Dublin-based GoldCore. “However, any weakness is likely to be short term due to the increasing risks...