Gold benefits as Brexit jitters send investors to safe havens
Palladium edged lower, but is on track for a weekly gain of more than 3%
Bengaluru — Gold prices rose on Friday, having hit a one-week high earlier in the session, as investors sought safe-haven assets amid fear of a chaotic departure for Britain from the European Union. UK Prime Minister Theresa May's draft Brexit plan ran into dispute after the resignation of key ministers from her government, and eurosceptic legislators stepped up efforts to topple her, provoking fears the country could crash out of the EU without a divorce deal. "The issues around Brexit have invigorated a little bit of safe-haven buying in the market…. The focus of the market has turned slightly to geopolitical issues at the moment," said ANZ analyst Daniel Hynes. Spot gold was up 0.2% at $1,215.07 an ounce at 4.45am GMT. Earlier in the session, bullion hit $1,216.79, its highest since November 9. US gold futures were flat at $1,215.30/oz. "Gold should continue to find demand on dips, provided the dollar remains in check," Stephen Innes, Asia-Pacific trading head at Oanda in Singapo...
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