3/13, 12:04 PM (Source: TeleTrader)
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Gold, silver hit 12-day highs in Brexit turmoil

Precious metals rose across the board on Wednesday after the Parliament of the United Kingdom rejected the only arrangement for an orderly withdrawal from the European Union. Lawmakers will today have the chance to rule out a so-called no-deal Brexit. A clean cut could have massive implications for the economy as well as trading partners.

Stocks in Europe were little changed as investors avoided excessive risk before some clarity about the direction for Britain. They were also waiting for the spring statement from Chancellor of the Exchequer Philip Hammond, as the fiscal year is finishing at the end of the month, putting the country even more in focus. German, UK and United States government debt securities fell substantially, pushing yields higher, and the dollar was mostly lower. The government has unveiled a customs relief plan for the event of no deal.

Gold advanced 0.54% to $1,308.51 per ounce at 12:03 pm CET. Silver was up 0.56% at $15.53 for one troy ounce. Both spot prices today reached the strongest mark since March 1, at $1,309.21 and $15.54, respectively. Platinum gained 0.47% to $839.26 after touching an eight-day high at $840.18, and palladium rallied 0.46% to $1,545.95.

Breaking the News / IT