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Gold fell amid continued global uncertainty

2019-03-14 11:27 am | Resource: News | No Views : 168



 Gold prices fell on Thursday and the dollar index stabilized as concerns over Britain's exit from the EU declined and investors took mixed data from China in their move. The pound held firm after British legislators rejected Britain's exit from the European Union, paving the way for a vote later in the day that could delay Britain's exit until at least the end of June.

Look out for the British exit

The House of Commons will vote later on whether to ask the European Union to postpone Britain's exit from the European Union for up to three months. If all Member States agree, the EU can approve such a request at the March 21-22 Summit in Brussels.

The British government announced on Thursday that any extension of Article 50 and delaying the departure of the United Kingdom from the European Union must have a specific expiration date. The government also indicated that it would be "appropriate" for Prime Minister Theresa May to write to the President of the European Council, Donald Tusk, on the cause and duration of the delay.

If the EU agrees to postpone Britain's exit from the EU beyond March 29, the UK will remain a full member until the new and extended exit date, the government said, adding that during that time the country would not be able to start negotiations on the future relationship with Brussels.

Earlier in the day, Tusk of the European Union said he would appeal to Member States to consider a long extension of Article 50 if the United Kingdom decided it was necessary. Tusk's comments come ahead of another crucial vote in the British parliament, which in the past voted to reject the withdrawal agreement in May for the second time but refused to leave the EU without an agreement. According to the proposal, deputies will vote later today, if the divorce deal is agreed by next Wednesday, the government will request extension of Article 50 until June 30. Otherwise, there will be a longer delay.

On the data front, US producer prices barely rose in February, boosting investor sentiment that the Federal Reserve will be patient about raising interest rates in the future.

Elsewhere, China's main data showed that it was a mixed bag. China's industrial production fell to a 17-year low in the first two months of the year, but retail and fixed-asset sales beat expectations, prompting investors to question the impact of tariffs.

Precious metal trading
 

  • Spot gold fell 0.8 per cent to $ 1,298.30 an ounce, after reaching its highest level since March 1 at $ 1311.07 on March 13.
  • Gold futures in the US fell 0.85 per cent to $ 1,298.35 an ounce.


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