(June 20 Bloomberg) Gold tumbled by the most in almost a month as polls that showed voters tilting toward remaining in the European Union cut demand for haven investments.
Bullion for immediate delivery lost as much as 1.4 percent to $1,280.47 an ounce, the biggest intraday drop since May 24, and traded at $1,284.03 by 10:56 a.m. in London, according to Bloomberg generic pricing.
Gold has been highly correlated with expectations of the outcome of a U.K. referendum on EU membership, with a greater probability of the probability of the U.K. staying in the union negative for the metal. This perception was strengthened last week when U.S. Federal Reserve Chair Janet Yellen said the vote was factored into a decision to keep rates unchanged.
Click on the link below to see the full story from Bloomberg: (by Ranjeetha Pakiam and Eddie Van Der Walt)