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Gold ticks higher as Brexit triggered

30 March 2017
Economics&Markets
Gabriel Avăcăriței

Gold edged up on Wednesday, as uncertainty about Brexit talks, French elections and U.S. President Donald Trump’s economic policies boosted safe-haven buying and offset a firmer dollar.

Spot gold was up 0.1 percent at $1,252.11 per ounce at 1505 GMT. U.S. gold futures slipped 0.3 percent to $1,251.90, acording to Reuters.

“There are a lot of uncertainties regarding the Trump reflation trade after the failure last week to overhaul Obamacare, and uncertainty in Europe with French elections coming up and the official start today of Brexit negotiations,” said Carsten Fritsch, analyst at Commerzbank in Frankfurt. “The general picture is still positive (for gold) with dips seen as buying opportunities,” he said.

Prime Minister Theresa May filed formal Brexit divorce papers on Wednesday, triggering years of negotiations that will test the cohesion of the European Union. A firmer dollar capped gains in gold, as it hit a fresh eight-day high after Chicago Fed President Charles Evans said he supported one or two more U.S. rate hikes this year.

Autor: Gabriel Avăcăriței

A journalist experienced with both old and new media, Gabriel has been the editor in chief of Energynomics since 2013. His great command in communication, organizing information and publishing are put to work every working day in order to develop all the projects of the Energynomics B2B communication platform: website, magazine, and own-events.

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