ascends to its near 2-week high on Wednesday in the international market, retrieving the USD1,300 level in a previous
session, after British lawmakers ruled out Prime Minister’s Teresa May’s
amended Brexit deal. Further, slackness in the greenback increased the appeal
for the safe haven metal among traders.
Spot gold was up by 0.3% to USD1,305.21 per ounce. It touched USD1305.69 in previous
session, its highest since 1 March.
British Parliament disallowed Teresa May’s deal on Tuesday, to exit the
European Union for the second time. The country’s political chaos has mounted since
it doesn’t a deal yet with the deadline of 29 March for the planned departure
drawing closer. The second rejection of the deal proposed by the British Prime
Minister has increased the likelihood of a NO DEAL Brexit.
Gold futures edged up after a correction that took the metal to six week low
last week. COMEX Gold futures are currently trading at USD1304 per ounce, up
0.50percnt on the day.
prices in domestic markets may also see a movement reflecting the global trend.
Gold futures on the Multi Commodity Exchange closed at Rs32000 per ten grams,
up 0.30percnet on the day. Prices recovered after testing low under Rs 31900
per 10 gram levels.