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Metals Stocks: Gold drops, failing to get a lasting lift from Italian uncertainty

Gold prices slumped Monday, as there was no staying power for a gain in the safe-haven market initially sparked by Italy’s referendum result.

Italian voters rejected constitutional reform on Sunday, leading Prime Minister Matteo Renzi to announce he will resign. Safety plays such as gold often get a lift from political uncertainty, but there wasn’t much of that early Monday, perhaps because the “no” vote had been expected to win in Italy.

See:‘Another victory for the anti-establishment’ and other analyst takes on Italy’s vote

“Gold profited only briefly at the start of the week from the result of the constitutional referendum in Italy,” said Commerzbank analysts led by Carsten Fritsch in a note.

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