Gold edged lower Tuesday, trimming huge gains from the previous few sessions as markets calmed following the Brexit crisis.
Stocks rebounded as a sense of normalc returned to markets everywhere. Risk appetite picked up amid speculation the UK might wiggle its way out of last week’s referendum to leave the European Union.
August gold settled at $1,317.90/oz, down $6.80, or 0.5%. Gold touched a 2-year peak near $1330 in the immediate aftermath of Friday’s Brexit vote.
Gold lost a bit of its appeal after data showed the U.S. economy is in better shape than once feared.
Economic activity in the U.S. increased faster than previously estimated in the first quarter of 2016.
The Commerce Department said the pace of growth in gross domestic product was upwardly revised to 1.1 percent from the previous estimate of 0.8 percent.
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