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Gold rises amid weakened US dollar, Brexit uncertainty
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Gold rises amid weakened US dollar, Brexit uncertainty

India Blooms News Service | @indiablooms | 13 Mar 2019, 04:07 am

Chicago, Mar 13 (Xinhua) Gold futures on the COMEX division of the New York Mercantile Exchange rose on Tuesday as the US dollar weakened.

The Brexit uncertainty also boosted gold, a safe haven asset, said analysts.

The most active gold contract for April delivery rose 7.00 US dollars, or 0.54 per cent, to settle at 1,298.10 dollars per ounce.

The US dollar index, which measures the greenback against six major peers, decreased more than 0.2 per cent to fall below 97 on Tuesday.

Gold and the dollar usually move in opposite directions. When the dollar goes down, gold futures will rise as gold, priced in the dollar, becomes less expensive for investors holding other currencies.

Gold settled just before the British parliament rejected again Prime Minister Theresa May's Brexit deal, in a second meaningful vote since January. The increasing uncertainty about how Britain will leave the European Union sent gold much higher in the ensuing electronic trading.

As for other precious metals, silver for May delivery was up 13.9 cents, or 0.91 per cent, to close at 15.413 dollars per ounce. Platinum for April delivery was up 15.1 dollars, or 1.85 per cent, to settle at 831.90 dollars per ounce.