Gold Prices: A Summer Retreat Regardless of Brexit Outcome - CPM Group

Gold prices are likely to decline this summer then recover to $1,300 an ounce or higher by year end, no matter the outcome of the U.K. referendum on Thursday, says Jeffrey Christian, managing partner of commodities research firm CPM Group. Christian is also not ruling out a retracement to the $1,180 an ounce level. Gold prices ended the U.S. day session slightly lower Wednesday and notched a two-week low overnight. Uncertainty surrounding Thursday’s referendum was benefiting the price of gold, the metal posted gains over the last three weeks in a row and hit a nearly two-year high last week. But, gold futures fell this week after fears of a U.K exit receded. August Comex gold settled Wednesday at $1,270 an ounce, down $2.50 on the day.