Gold shines To A Two-Week High Amid Brexit Woes

Gold 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. 

Reactively, 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. 

The 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.

COMEX 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.

Gold prices in domestic markets may also see a movement reflecting the global trend.

MCX 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.

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