Economy

Gold inches down as updated Brexit deal improves risk appetite

Gold inches down as updated Brexit deal improves risk appetite

Gold fell on March 14 as the dollar regained some ground and uncertainty over Brexit eased, but the metal held close to a two-week high hit in the previous session as tepid U.S. inflation data cemented expectations that the Federal Reserve would hold rates.

U.S. gold futures rose 0.5 percent to $1,305.10 an ounce.

Silver slipped for the first time in five sessions and was down 0.5 percent at $15.37 per ounce.

U.S. retail sales rose 0.2 in January, surprising economists who had expected an unchanged result. Domestic producer prices in the United States rose 1.9 percent on a year-over-year basis in February, the smallest annual increase since June 2017. Tepid inflation and disappointing producer price data this week support the Fed's stance of keeping interest rates on hold, denting the dollar and lifting demand for non-interest-yielding gold.

Chinese industrial output and retail sales data are scheduled for release this week.

Mets GM Hints Tim Tebow’s Major-League Debut Could Be Coming
In eight Grapefruit League games this spring Tebow went 4 for 15 (.267) with four singles, one walk, and three strikeouts. The New York Mets sent Tim Tebow to the minor leagues on Tuesday, and he'll start the season with the Syracuse Mets .

On Monday, European Commission head Jean-Claude Juncker agreed an updated Brexit deal with British Prime Minister Theresa May to make the agreement more palatable to United Kingdom law makers.

The updated Brexit deal also boosted Asian shares ahead of a vote in the British parliament on the divorce agreement. The country's political crisis has deepened because it does not have a deal yet with the deadline of 29 March for the planned departure drawing closer. On the technical front, "gold is now heading towards the next potential resistance around $1313, a former support level", said Forex.com analyst Fawad Razaqzada.

"There was a bit of move out of the dollar that lifted gold slightly", said Kyle Rodda, a market analyst with IG Markets in Melbourne, adding there is also increased risk appetite in the market which is capping gold's gains.

Gold futures on the COMEX division of the New York Mercantile Exchange rose on Tuesday as the USA dollar weakened.

Among other precious metals, palladium was down 0.4 percent at $1,549.49 per ounce, while platinum dipped 1.2 percent to $827.49 per ounce. The pound soared after the vote and was last trading up 0.14 percent to $1.3091.


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