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Gold eases in Asia as weekend Brexit polls head 'Remain' way

Commodities Jun 19, 2016 08:22PM ET
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© Reuters. Gold prices ease in Asia on Brexit polls

Investing.com - Gold eased in Asia on Monday as weekend polls showed momentum building for the "Remain" camp in this week's Brexit vote.

Gold for August delivery on the Comex division of the New York Mercantile Exchange fell 0.25% to $1,291.50 a troy ounce.

Silver futures for July delivery eased 0.01% to $17.410 a troy ounce, while copper futures for July delivery rose 0.58% to $2.066 a pound.

In Japan, the adjusted trade balance came in at ¥270 billion, wider than a surplus of ¥130 billion expected for May, while exports dropped 11.3%, more than the 10.4% year-on-year fall seen and imports came in as expected, down 13.8% year-on-year.

The overall trade balance came in at a drop of ¥41 billion, the first deficit in four months.

Last week, gold prices edged lower on Friday, but held near the prior session’s 22-month peak as trading remained volatile before Britain's June 23 referendum on its EU membership and amid fading expectations of a Federal Reserve rate hike in the next couple of months.

Voters in the U.K. are in focus as concerns over a potential U.K. exit from the European Union temporarily eased following the killing of Jo Cox, a Labour Party member and supporter of EU membership.

Two opinion polls published on Saturday showed that support for the 'Remain' campaign had regained its lead over a vote to leave, while a third showed momentum shifting in favor of a vote to remain in the 28 member bloc for the June 23 vote.

Prior to the referendum, Federal Reserve Chair Janet Yellen’s monetary policy testimony in Congress on Tuesday and Wednesday will attract the markets’ attention.

In terms of U.S. data, existing and new home sales as well as durable goods orders will be in focus as traders attempt to gauge the health of the economy.

Gold eases in Asia as weekend Brexit polls head 'Remain' way
 

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