After dropping for three days in a row, gold prices in India rebounded on Wednesday as the markets digested the Brexit news.
On MCX, gold futures prices increased 0.42% to ₹38,040 per 10 gram, while, Silver rose 0.46% to ₹45,382 per kg. In global markets, gold prices remained at 0.1% at $1,489.07 per ounce. Whereas, Silver plunged 0.2% at $17.49 an ounce.
After Tuesday’s parliamentary defeat, in which 322 to 308 lawmakers voted against Prime Minister Boris Johnson’s deal to depart from the EU, another Brexit delay is expected. Experts are optimistic that the worst scenario, i.e. the UK leaving the bloc without a deal, may be avoided.
On the other hand, Chinese Vice Foreign Minister Le Yucheng said trade talks between Washington D.C. and Beijing have made some progress, adding that as long as both sides respect each other, all issues were resolvable.
Internationally, gold prices rose to $1,475-$1,500.
This year, Gold prices witnessed a surge of 20%. But it was corrected after nearly ₹2,000 per 10 gram dropped from highs of ₹40,000 hit last month.
(With input from agencies)