Gold price gets safe-haven boost from Brexit uncertainty

London (Nov 19)  Safe-haven assets such as gold are being underpinned by uncertainties surrounding the political situation in the U.K. as the country deals with the Brexit issue, as well as the ongoing U.S.-China trade war, said commodities brokerage SP Angel.

“Gold remains on track for the first weekly gain in three as [U.K.] British Prime Minister Theresa May is defying demands to quit as she battles to keep control of her fractious government long enough to deliver a Brexit deal,” SP Angel added.

 The most active December gold contract on the COMEX division of the New York Mercantile Exchange gained by $8 to settle at $1,223 an ounce on Friday.

 Gold prices climbed on Friday to tally a 1.2% gain for the week. U.S. and European benchmark stock indexes declined and the dollar fell for the week, providing a boost to prices of the yellow metal.

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