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Gold Prices Rise on Safe-Haven Appeal

Written by Staff Writer

Gold upGold hits 2-week high on safe-haven appeal -Reuters
"Gold scaled a near two-week peak on Wednesday, after reclaiming the key $1,300 level in the previous session, as investors opted for the safe-haven metal after British lawmakers rejected an amended exit deal, while a weaker dollar lent further support....The British Parliament rejected Prime Minister Theresa May’s deal to quit the European Union for a second time, deepening the country’s political crisis days before the planned departure date on March 29.

'The ongoing Brexit uncertainties has diminished risk appetite as investors are increasingly unnerved on the potential of a 'hard Brexit' deal,' said Benjamin Lu, analyst with Singapore-based Phillip Futures....Meanwhile, U.S. consumer prices rose for the first time in four months in February...The disappointing U.S. data, which followed a spate of weak reports from other economies, cascaded concerns on slowdown in global growth. 'We are optimistic on gold in long-term perspective. Markets are going to be more interested in safe-haven assets in light of volatility from a slowing economy,' Lu of Phillip Futures said."