Gold Rises to $1,199.70 as Swiss Referendum Looms

Gold gained 0.2 percent Tuesday to trade at $1,199.90 per ounce, according to Reuters. The yellow metal’s upward move came despite a brief rise in the dollar.

Meanwhile, US gold futures also rose 0.2 percent, coming to trade at $1,198.30 per ounce.

Investors are currently keeping the Swiss referendum on central bank gold reserves in mind. The vote, which presents a requirement for the Swiss National Bank to hold at least 20 percent of its assets in gold, will occur on November 30. If the requirement passes, the price of gold could rise in the long term.

Market watchers are divided about whether it is likely to pass. “I don’t think the Swiss vote will pass unless there is a sudden upswing in the ‘yes’ camp … the number of undecided is around 15 percent and that could swing, but I don’t see it happening,” Societe Generale (EPA:GLE) analyst Robin Bhar told Reuters.