Gold Hits Near 2-Week High On Brexit Woes, Weaker Dollar

13 March
Kitco:

“Gold rose to its highest level in nearly two weeks on Wednesday, after regaining the key $1,300 level in prior session, buoyed by safe haven demand from Brexit chaos and a fall in dollar after a softer U.S. data.

Fundamentals

* As of 0130 GMT, spot gold was up 0.2 percent at $1,303.74 per ounce, after touching its highest since March 1 earlier in the session at $1,304.63.

* U.S. gold futures were up 0.4 percent at $1,303.80 an ounce.

* The dollar index fell about 0.3 percent in the previous session.

U.S. consumer prices rose for the first time in four months in February, but the pace of the increase was modest, resulting in the smallest annual gain in nearly 2-1/2 years.

* British lawmakers crushed Prime Minister Theresa May’s European Union divorce deal on Tuesday, thrusting Britain deeper into crisis and forcing parliament to decide within days whether to back a no-deal Brexit or seek a last-minute delay.  …”

 

Read the full article here