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.
On Tuesday, August gold GCQ6, +0.44% 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.
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Gold futures climbed toward a two-year high Wednesday, and silver rallied by nearly 3% as the precious metals gained momentum on the back of a weaker U.S. dollar.
Gold futures rallied on Friday to finish at their highest level in nearly two years as investors rushed to buy the metal in the wake of the U.K.’s decision to exit from the European Union.
