Gold prices consolidated below $1,200 an ounce On Tuesday as investors await the results from the Swiss National Bank (SNB) on the referendum to raise gold reserves. Spot gold rose 0.27% consolidating around $1200.62 an ounce at 09:46 GMT. Financial markets are expecting the Swiss referendum next Sunday, November 30, which aims at preventing SNB from offloading its gold holdings and keep it at least 20% of its assets in gold, compared with 8% last month. Markets believe a `yes` vote could support gold prices; despite that the most-recent opinion poll showed that support among Swiss voters for the initiative has slipped to 38%. The immediate impact on voting yes will boost gold prices at least by $50. Voting yes means to increase the annual gold reserves of the SNB, which will increase its balance sheet. In case of refusing to increase its balance sheet size, this will force the bank to reduce the size of foreign currencies reserves by selling the US dollar, which contributes to almost 29% of its reserves. It’s possible to sell also the euro against the Franc pair, threatening its floor price at 1.20. Voting `no` is the probable scenario, as it will reinforce SNB’s credibility defending the abovementioned floor price.