Gold down on lowered 'Brexit' fears

Gold futures on the COMEX division of the New York Mercantile Exchange fell for fifth successive trading days Thursday as investor fears over a possible "Brexit" diminished.

The most active gold contract for August delivery fell 6.90 U.S. dollars, or 0.54 percent, to settle at 1,263.10 dollars per ounce.

The precious metal was put under pressure as voters of the United Kingdom began to go to the polls to decide on whether or not the country would remain in the Eurozone.

Analysts believe that U.S. investors had previously displayed fear about the potential for the United Kingdom to leave the European Union. The referendum vote has been dubbed the "Brexit" by investors, and analysts note that the potential for a Brexit has caused volatility in the market, driving investors to gold as a safe haven.

However the latest market thinking is that the United Kingdom will remain in the Eurozone, putting pressure on the precious metal.

Gold was put under additional pressure as the U.S. stocks rose on Thursday. Analysts noted that when equities post losses, the precious metal usually goes up, as investors are looking for a safe haven, while the opposite is true when U.S. equities post gains.

On the economic front, in the week ending June 18, the advance figure for seasonally adjusted initial claims decreased 18,000 from the previous week's unrevised level to 259,000, below market consensus, the U.S. Labor Department reported Thursday.

Silver for July delivery rose 4.10 cents, or 0.24 percent, to close at 17.353 dollars per ounce. Platinum for July delivery dropped 17.20 dollars, or 1.75 percent, to close at 966.30 dollars per ounce. Endite