Gold dips 1 pct as no-deal Brexit fears fade, dollar rises

15 Mars, 2019, 01:37 | Auteur: Auguste Feret
  • Gold gains as dollar dips on tame US data Brexit vote in focus

Spot gold rose 0.3 percent to $1,297.51 per ounce as of 11:34 a.m. EDT (1534 GMT), while USA gold futures were up 0.5 percent at $1,297.70.

Spot gold was up 0.2 percent at $1,304.26 per ounce after touching its highest since 1 March at $1,305.69 earlier in the session.

In the global market, gold scaled to its near two-week high on Wednesday, reclaiming the $1,300 level in a previous session, after British lawmakers rejected Prime Minister's Teresa May's amended Brexit deal.

Asian shares drifted lower on Wednesday as a risk-off mood settled on markets after the Brexit vote.

U.S. producer prices barely rose last month, resulting in the smallest annual increase in more than 1-1/2 years, reinforcing views that the Federal Reserve would be patient on future rate hikes.

The weak USA inflation data suggests that policy makers may hold back from additional rate increase, ANZ analysts said in a research note.

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Lower interest rates reduce the opportunity cost of holding non-yielding bullion and weigh on the USA dollar. Tepid inflation and disappointing producer price data this week support the Fed's stance of keeping interest rates on hold, denting the dollar and lifting demand for non-interest-yielding gold.

The disappointing USA data, which followed a spate of weak reports from other economies, cascaded concerns on slowdown in global growth. "Markets are going to be more interested in safe-haven assets in light of volatility from a slowing economy", Lu of Phillip Futures said.

Gold futures on the COMEX division of the New York Mercantile Exchange rose on Tuesday as the US dollar weakened.

Gold is facing stiff resistance at the $1,300 mark, having failed to significantly break above the key psychological ceiling, despite recent momentum on the back of the dollar's declines fuelled by weak U.S.jobs data and modest retail sales in January. Silver gained 0.5% to $15.39 an ounce, while platinum dipped about 0.6% to $819.88 an ounce, after touching its lowest since February 19 at $803.50 in the previous session.

Among other precious metals, palladium was down 0.4 percent at 1,536.04 per ounce. The pound soared after the vote and was last trading up 0.14 percent to $1.3091.

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