ON Wednesday, spot gold prices rose 0.33 percent to close at $1293.4 per ounce as support for the metal stemming from uncertainty over Brexit and a partial U.S. government shutdown was countered by a firmer U.S. dollar. Gold struggled to breach the $1,300 level, even though physical demand for gold coins had picked up in Britain due to uncertainty about its future relations with the European Union. Britain is due to leave the EU on March 29, but investors now anticipate an extension of that deadline. On the MCX, gold prices rose 0.33 percent to close at Rs.32286 per 10 gms.
Outlook
We expect gold prices to trade higher today as the BREXIT and partial US government shutdown are near term push factors. On the MCX, gold prices are expected to trade higher today, international markets are trading flat at $1292 per ounce.
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