LONDON: Gold edged higher on Tuesday, supported by a retreat in the dollar after an apparent breakthrough in Brexit negotiations between the European Union and Britain, although rallying equities capped bullion’s gains.

Spot gold rose 0.2 per cent to $1,295.89 per ounce as of 1055 GMT, while US gold futures were up 0.4pc at $1,296.20.

Some dollar weakness emerged due to the Brexit talks, in turn providing short-term support to gold prices, Capital Economics analyst Ross Strachan said.

The dollar fell from near three-month highs hit in the previous session, making bullion cheaper for holders of other currencies, while sterling soared.

Capping gold’s rise, last-minute tweaks to Britain’s arrangement for leaving the EU triggered gains in global stocks, having soothed investor worries about a possible no-deal exit.

Among other precious metals, palladium was up 0.6pc at $1,545.45 per ounce, while platinum gained 0.6pc to $829.72 per ounce. Silver advanced 0.5pc to $15.40 per ounce, having touched its highest since March 1 earlier in the session.

Published in Dawn, March 13th, 2019