Gold prices dip on dollar recovery and Brexit relief
British law makers are to vote on whether to delay Brexit later in the day; silver falls for first time in five sessions
Bengaluru — Gold fell on Thursday, breaking below the key technical support of $1,300, as the dollar edged up after UK law makers voted against a no-deal Brexit, while gains in European stocks further dented bullion’s allure. Spot gold was down 0.8% at $1,298.25 an ounce as of 11.12am GMT, retreating from $1,311.07 hit on Wednesday, its highest since March 1. US gold futures also dipped 0.8%, to $1,298.40 an ounce. “It is a combination of factors that have weighed on gold; weak Chinese data that is weighing on industrial demand for the metal, risk-on sentiment, rebounding yields, a higher dollar, and stronger UK stocks,” said Forex.com analyst Fawad Razaqzada. Growth in China’s industrial output fell to a 17-year low in the first two months of the year pointing to further weakness in the world’s second-biggest economy that is likely to trigger more support measures from Beijing. European shares rallied to five-month highs after Britain’s parliament removed a key source of uncertaint...
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