Gold futures mark highest settlement in 5 weeks

Gold futures on Monday settled at their highest level in about five weeks as investors sought safety in the precious metal, prompted by nervousness around the Brexit referendum, set for later this month, and a pair of high-profile central bank meetings later this week.

Gold for August delivery GCQ6, -0.29%  rose $11, or 0.9%, to settle at $1,286.90 an ounce, on the heels of booking its second-weekly gain in a row last week. The settlement was the highest since May 6, according to FactSet data. July silver SIN6, -0.73%  finished at $17.443 an ounce, up 11.3 cents, or 0.7%.

“Gold futures are likely to meet resistance towards $1,300, but if this risk-off trade continues and demand for safe-haven assets remains elevated, gold could continue to grind higher in the near term,” said analysts for The 7:00’s Report.

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