Tuesday 12 March 2019

Gold gains as updated Brexit deal drags on US dollar


Gold rose on Tuesday as the dollar weakened after the European Commission agreed to amendments to the UK's Brexit deal, although gains were limited as the agreement also buoyed sentiment for riskier assets.

Spot gold was up 0.2 percent at $1,296.08 per ounce as of 0403 GMT, while U.S. gold futures rose 0.4 percent to $1,295.90 an ounce.

The dollar was down about 0.2 percent against its major peers, making gold an attractive investment for non U.S. currency holders, while the sterling rose sharply after the Brexit deal changes.

European Commission head Jean-Claude Juncker on Monday agreed an updated Brexit deal with British Prime Minister Theresa May to make the agreement more palatable to UK lawmakers.

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Source: Moneycontrol

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