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Gold Prices Rise in Risk-Off Trade

CommoditiesMay 27, 2019 01:22AM ET
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© Reuters.

Investing.com - Gold prices rose on Monday in Asia as fears over the escalating U.S. - China trade spat underpinned safe haven demand for the precious metal and weak U.S. economic data bolstered expectations for a Federal Reserve rate cut.

Gold futures for June delivery, traded on the Comex division of the New York Mercantile Exchange, were up 0.2% at $1,286.55 per ounce by 1:20 AM ET (05:20 GMT).

Market sentiment was hit after disappointing U.S. economic data late last week fueled fears that the escalating trade and tech war between the U.S. and China is hitting growth.

The U.S. dollar index ticked up to 97.532, remaining below the two-year high of 98.260 reached last Thursday.

Brexit developments remained in focus after U.K. Prime Minister Theresa May announced her decision to resign on Friday, raising fresh questions about Britain’s divorce from the EU.

Gold's direction in the coming week would be decided by May's replacement, and whether the candidate will continue pushing for Brexit, said Investing.com senior commodity analyst Barani Krishnan.

Traders said chances of a "no deal" Brexit scenario has increased as four of eight leadership hopefuls said the U.K. must leave the EU on Oct. 31 even if this means a no-deal Brexit.

Gold Prices Rise in Risk-Off Trade
 

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Comments (3)
Ng Zen ng
Ng Zen ng May 27, 2019 7:45PM ET
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For years ald,Brexit wont make any diff... is at its low low low. Anything can be better.
DEVAa senapathi
ADEVA May 27, 2019 5:59AM ET
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Chances of a "no deal" Brexit scenari is good or bad for UK and Sterling....
Jeremy Selph
Jeremy Selph May 27, 2019 4:25AM ET
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Gold SelphMade
 
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