Brexit uncertainty pushes up gold futures

Source: Xinhua| 2019-01-17 05:38:32|Editor: yan
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CHICAGO, Jan. 16 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange closed higher on Wednesday amid Brexit turmoil in Britain.

The most active gold contract for February delivery was up 5.40 dollars, or 0.42 percent, to settle at 1,293.80 dollars per ounce.

After Prime Minister Theresa May's Brexit deal was rejected overwhelmingly in the British Parliament on Tuesday night, investors tried to seek safe haven asset such as gold.

Although May narrowly survived a no-confidence vote on Wednesday, political uncertainty and a possible sudden no-deal Brexit continued to support gold prices.

British businesses have urged May's government to take an immediate action to introduce a "Plan B" to avoid a chaotic Brexit.

Meanwhile, the prolonged partial shutdown of the U.S. federal government supported the yellow metal. Speaker of the House Nancy Pelosi reportedly sent President Donald Trump a letter, asking him to postpone the State of the Union speech, or deliver it in writing, because of the shutdown.

As for other precious metals, silver for March delivery went up 1.8 cents, or 0.12 percent, to close at 15.638 dollars per ounce. Platinum for April delivery was up 7.8 dollars, or 0.97 percent, to settle at 807.90 dollars per ounce.