Gold edges higher as Brexit uncertainty spurs safe-haven bid

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Published: October 16, 2019 7:43:06 AM

Spot gold was up 0.2% at $1,484.49 per ounce as of 0130 GMT

Gold prices, Britain, U.S. gold futures, Brexit deal, Asia-Pacific shares, Huawei Technologies, MSCI, US-China trade dealU.S. gold futures were 0.3% higher at ,488.10 per ounce. (Reuters photo)

Gold prices edged higher on Wednesday after shedding nearly 1% in the previous session, as it remained unclear if Britain could avoid postponing its departure from the EU beyond Oct. 31.


* Spot gold was up 0.2% at $1,484.49 per ounce as of 0130 GMT. U.S. gold futures were 0.3% higher at $1,488.10 per ounce.

* Asian shares were upbeat as Britain and the EU made headway on a Brexit deal ahead of a leaders’ summit. MSCI’s broadest index of Asia-Pacific shares outside Japan gained 0.3%.

* Last-ditch talks between Britain and the European Union to get a Brexit deal ahead of a summit of the bloc’s leaders this week went on past midnight to Wednesday, but it was still unclear if London could avoid postponing its departure due on Oct. 31.

* Media reports quoting EU officials as saying negotiators were close to a Brexit deal triggered a late afternoon rally across equity markets on Tuesday.

* Across the Atlantic, the U.S. House of Representatives on Tuesday passed four pieces of legislation taking a hard line on China, three related to pro-democracy protests in Hong Kong and one commending Canada’s government in a dispute over the extradition of an executive from Huawei Technologies.

* Reports of a “Phase 1” trade deal between the United States and China last week had initially cheered markets but the dearth of details around the agreement has since curbed this enthusiasm.

* With two weeks to go until their next policy meeting, U.S. central bankers appear unconvinced a partial U.S.-China trade deal is enough to dispel the policy uncertainty that has weighed on economic growth for months.

* SPDR Gold Trust GLD, the world’s largest gold-backed exchange-traded fund, said its holdings fell 0.22% on Tuesday from Monday.

* Palladium eased on Wednesday to $1,732.56 per ounce after hitting a record high of $1,739.93 in the previous session.

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