March 29, 2024 10:04 (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
PM Modi has mastered art of manipulating democracy, hurting Constitution: Mallikarjun Kharge | Mafia-turned-politician Mukhtar Ansari dies of cardiac arrest at 63 | NIA arrests key conspirator in Bengaluru cafe blast case | Actor Govinda returns to politics after 14 years of 'vanvas', joins Eknath Shinde camp | 'To browbeat and bully others is vintage Congress culture': PM posts after 600 lawyers write to CJI
Gold rises amid weakened US dollar, Brexit uncertainty
Wikimedia Commons

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.

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.