Investing.com - Gold futures struggled near the lowest level in almost two weeks in North American trade on Wednesday, as investors looked ahead to Thursday’s highly-anticipated referendum on whether Britain will choose to remain in the European Union.
Gold for August delivery on the Comex division of the New York Mercantile Exchange fell to an intraday low of $1,263.80 a troy ounce, the weakest since June 9. It last stood at $1,271.00 by 12:35GMT, or 8:35AM ET, down $1.50, or 0.1%.
On Tuesday, gold tumbled $19.60, or 1.52%, its biggest one-day loss in a month, on growing expectations that Britain would vote to remain in the European Union.
Politicians on both sides of the debate will be making their last arguments today ahead of polling stations opening Thursday at 6:00GMT, or 7:00AM London time. Polls will close at 21:00GMT, or 10:00PM in London. The result will likely be projected early Friday, before the official vote count is announced, based on preliminary vote counts and exit polling.
Meanwhile, Federal Reserve Chair Janet Yellen will appear before politicians for a second day Wednesday, testifying in front of the House Committee on Financial Services at 14:00GMT, or 10:00AM ET.
She will repeat the same semi-annual testimony from a day earlier, in which she warned of the uncertainty surrounding the economic outlook but said the Fed still planned to raise rates gradually, to the House of Representatives' Committee on Financial Services.
However, market participants will watch the question and answer period after the speech to see if Yellen gives any further indications on the future path of monetary policy.
According to CME Group's (NASDAQ:CME) FedWatch tool, market players are pricing in a 12% chance for a rate hike in July.
Elsewhere on the Comex, silver futures for July delivery dipped 1.9 cents, or 0.11%, to trade at $17.30 a troy ounce during morning hours in New York, while copper futures tacked on 2.0 cents, or 0.95%, to $2.136 a pound.