Gold inches down as updated Brexit deal improves risk appetite

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Published: March 12, 2019 7:25:39 AM

Gold edged lower on Tuesday as appetite for risk improved after the European Commission agreed additional assurances in an updated Brexit deal, while stronger than expected U.S. data eased some fears about an economic slowdown.

Gold inches down as updated Brexit deal improves risk appetite

Gold edged lower on Tuesday as appetite for risk improved after the European Commission agreed additional assurances in an updated Brexit deal, while stronger than expected U.S. data eased some fears about an economic slowdown.

FUNDAMENTALS
* As of 0104 GMT, spot gold was down 0.1 percent at $1,293.17 per ounce.
* U.S. gold futures were up 0.1 percent at $1,292.90 an ounce.
* Asian shares rose after the European Commission agreed to changes to the Brexit deal ahead of a vote in the British parliament on a divorce agreement.
* Prime Minister Theresa May won legally binding Brexit assurances from the European Union on Monday in a last ditch attempt to sway rebellious British lawmakers who have threatened to vote down the deal again.
* Senior pro-Brexit members of Prime Minister Theresa May’s Conservative Party believe she has “some kind of” Brexit deal to put to parliament on Tuesday, the BBC’s political editor, Laura Kuenssberg, said.
* The dollar edged lower against major currencies following the U.S. retail sales data and a rally in the pound.
* U.S. retail sales rose 0.2 in January, surprising economists who had expected an unchanged result.
* Federal Reserve chairman Jerome Powell said the U.S. central bank does “not feel any hurry” to change the level of interest rates again as it watches how a slowing global economy affects local conditions in the U.S.
* The chief U.S. envoy for North Korea said on Monday that “diplomacy is still very much alive” with Pyongyang despite a failed summit last month, but cautioned that Washington was closely watching activity at a North Korean rocket site and did not know if it might be planning a new launch.
* Barrick Gold Corp on Monday pulled its $18 billion offer for Newmont Mining Corp and agreed to form a joint venture in Nevada with its rival, ending a hostile takeover bid that sought to unite the world’s two largest gold producers.

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