Daily Gold Update

Source: Bill Musgrave, American Gold Exchange

Austin— Gold slid 0.5% to close just above $1,263 as growing confidence that Britain will remain in the EU stoked demand for riskier assets.

With final opinion surveys showing 52% of British voters favoring "stay" as they go to the polls today, equity markets surged in hope that global economy may yet be spared the jolt of a fractured European Union. All three major U.S. stock indexes added around 1% while the Global Dow jumped 1.2%.

The UK pound rallied to six-month high and the euro gained 0.5%, mostly at the expense of the yen and the dollar, both of which have received safe-havens inflows in recent weeks as the Brexit vote loomed.

After rallying to a two-year high earlier this month, gold has dropped around 2.7% over the past five sessions as the Brexit risk-premium has started to subside. The metal remains strongly supported by the Fed's increasing caution toward future interest rates, driven by flagging job gains, low inflation, and global economic risk.

The other precious metals were mixed, with silver and palladium adding 0.2% and 0.6%, respectively, while platinum dropped 1.7%.

At the Comex close: August gold slid $6.90 to $1,263.10; July silver added 4 cents, to $17.35; July platinum dropped $17.20 to $966.30; September palladium gained $3.65 to $565.90 an ounce.