As British voters decide whether to opt out of the 28 member bloc of the European Union (EU) on Thursday. Â Gold edged up after touching a fresh two-week low early on Thursday on cautious optimism that British voters would opt to stay in the EU.
Analysts have predicted that Europe could tip into recession if Britain decides to leave,  putting more pressure on the global economy and increasing the appeal of bullion as a counter-cyclical asset.
Polling will take place between 0600–2100 GMT on Thursday, with the results expected early on Friday.
Spot gold was up 0.3% at $1,269.60 an ounce by 6.44am. Bullion touched a low of $1,260.36 earlier in the session, its worst since June 9. US gold was up 0.2% at $1,272.
The poll verdict aside, the medium-to long-term view for the yellow metal, which has risen about 20% this year, is still bullish and $1,250 to $1,315 an ounce is likely to be the range in the immediate future,
Holdings in the SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, rose 0.39% to 915.90 tonnes on Wednesday, the highest since September 2013. Among other precious metals, silver inched 0.5% higher to $17.33 and platinum rose 0.3% to $973.60. Palladium fell 0.4% to $557.51 an ounce.
