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Gold rises with support of the May agreement and the hopes of a halt to the US interest rate hike |
LONDON (Reuters) - Gold rose on Wednesday, boosted by uncertainty over Britain's exit from the European Union after lawmakers rejected British Prime Minister Teresa Mae's secession from the bloc, while calls for a halt to US interest rates rose.
By 0610 GMT, spot gold was up 0.3 percent at $ 1292.61 an ounce.
Gold in US futures rose 0.3 percent to $ 1292.40 an ounce.
The increasing opportunities for Britain to leave the EU without an agreement enhance the attractiveness of the yellow metal as a safe haven, even as US equity markets rose in recent weeks, said Benjamin Lo, an analyst at Philip Futures.
British lawmakers voted to reject the May agreement by a wide margin, sparking political turmoil that could lead to the country's exit from the EU without an agreement or even a break-out.
A number of policy makers at the Federal Reserve said on Tuesday the bank should stop raising interest rates until the US economy is exposed to major risks such as slower growth in China and less severe risks such as the budget crisis in Washington.
Among other precious metals, palladium rose by 0.5 percent to $ 1,324 an ounce. The metal hit a record high of $ 1342.43 last week.
Platinum rose 0.3 percent to $ 795.50 an ounce, while silver settled at $ 15.57 an ounce.
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