Gold resumes climb toward $1,300, finding support ahead of the U.K.’s no-confidence vote...
Gold futures on Wednesday resumed their climb toward the psychologically important price of $1,300 an ounce, finding support from the turmoil surrounding the U.K.’s plan to leave the European Union and the upcoming vote of no confidence facing Prime Minister Theresa May’s government.
Caution among traders has deepen “ahead of a no-confidence vote on British Prime Minister Theresa May’s government and other geopolitical risks, including the U.S. government shutdown, loom large in investors minds,” said Mark O’Byrne, research director at GoldCore.
“Physical demand for gold coins and bars has picked up in the U.K. and Ireland, due to Brexit and U.K. political uncertainty,” he added.
Gold for February delivery GCG9, +0.43% was up $4.40, or 0.3%, at $1,292.80 an ounce, while March silver SIH9, +0.03% was up 2.5 cents, or 0.2%, to $15.645 an ounce.
U.K. Prime Minister Theresa May’s government suffered a historic defeat in a parliamentary vote Tuesday on her proposal for the terms of the country’s departure from the European Union, which is scheduled for March 29. The plan was defeated overwhelmingly by a margin of 432-202 in the House of Commons, with May’s government facing a vote of no confidence later Wednesday....
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