The yellow metal has gained in back-to-back sessions

Gold futures headed lower on Wednesday, looking to snap a two session streak of gains, a day after the commodity settled at its highest level since July on the back of dollar weakness.

Gold for February delivery GCG9, -0.22%  was $4.70, or 0.4%, lower at $1,241.90 an ounce, following its highest finish for the contract since July 25, FactSet data show. March silver SIH9, -0.34%  traded 8 cents, or 0.6%, lower at $14.56 an ounce, after that metal ended 1% higher on Tuesday.

“Traders are watching two important events in the coming days,” the ongoing developments on Brexit and how this factor can trigger a bigger move in the market and Friday’s U.S. nonfarm payroll data, said Naeem Aslam, chief market analyst at ThinkMarkets UK.

“If the Brexit vote is not approved, this will be a risk-off event for the market and we could see the price of gold moving higher,” he said. “Similarly, a soft U.S. NFP reading will only add fuel for this rally.”/

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