Bengaluru — Gold prices rose on Tuesday to hover near seven-week highs hit the day before, with safe-haven demand boosted ahead of a speech in which British Prime Minister Theresa May is expected to discuss plans for a "hard Brexit". Spot gold had risen 0.3% to $1,205.93/oz by 3.24am GMT. On Monday, it marked its highest in more than seven weeks at $1,207.86. US gold futures were up 0.8% at $1,205.50/oz. "Gold is going to do very well in the first half of the year due to Brexit concerns, Chinese currency pressure and uncertainty surrounding Donald Trump’s policies," said Richard Xu, fund manager at China’s biggest gold exchange-traded fund (ETF), HuaAn Gold. "Stock valuations are pretty high and bonds are not going to perform much better than what they are doing now. There are very few alternatives for liquidity to go to and gold prices will find some support," Xu added. Britain would not seek a Brexit deal that left it "half in, half out" of the EU, Prime Minister Theresa May would...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.