Gold Rises As Financial Markets Retreat And Focus On Brexit Developments

Gold prices rose, driven by stock losses and uncertainty about the UK's withdrawal as lawmakers in the UK again rejected Brexit package from Prime Minister Teresa May, and are now ready to vote on leaving the bloc without an agreement and extending Article 50.

However, European Council President Donald Tusk warned that Britain could not get out of the EU on the deal, "a significant increase" after the May defeat in parliament.

Asian stocks today, led by China, Japan, and Australia, posted notable losses amid investor fears about the prospects for risky investments due to global political and economic concerns and weak domestic data.

US stocks rise Pre-market trading

Stocks in the US mostly rose slightly in pre-market trading on Wednesday as uncertainty over Britain's exit from the European Union surged.

Meanwhile, the US aircraft manufacturer is still under pressure as the European Aviation Safety Agency (ESA) has established all Boeing 737 Max 8 and Boeing 737 Max 9 aircraft after the crash of Ethiopian Airlines this week.

In the data, Durable Goods Orders and PPI figures are expected to release, as well as spending on construction later in the day.

  • The Dow Jones Industrial Average was flat at 11:15 am.
  • The S & P 500 and Nasdaq 100 rose 0.07% and 0.14% respectively

That coincided with the dollar index, which measures its performance against a basket of major currencies, stabilized at 96.96 points at the time. The euro rose 0.05% against the dollar to trade against 1.12928.

Gold Trading

  • In terms of trading, silver futures for April delivery rose 0.50% to $ 1304.40 an ounce.
  • While spot delivery increased 0.20% to $ 1304.21 an ounce at 10:04 am CET.

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