Gold Prices Flat; Brexit Concerns in Focus

Investing.com - Gold prices remained flat on Thursday. Brexit fears took centre stage after UK Brexit Minister Dominic Raab resigned, adding to uncertainty over whether Prime Minister Theresa May's proposed Brexit deal will win parliamentary approval.

Gold futures for December delivery on the Comex division of the New York Mercantile Exchange was little changed at $1,215.3 a troy ounce by 1:26 AM ET (06:26 GMT).

Raab, in a letter to the prime minister, said he could not support terms of her draft Brexit plan.

"For my part, I cannot support the deal for two reasons," Raab said in a letter. "First, I believe that the regulatory regime proposed for Northern Ireland presents a very real threat to the integrity of the United Kingdom."

"Secondly," he added, "I cannot support an indefinite backstop arrangement, where the EU holds a veto over our ability to exit."

Without a deal, the U.K. would move from seamless trade with the EU to customs arrangements set by the World Trade Organization for external states.

Meanwhile, better-than-expected retail sales figure released on Thursday failed to lift the dollar.

The U.S. dollar index that tracks the greenback against a basket of other currencies was down 0.1% at 96.79.

The Commerce Department said on Thursday that core retail sales rose 0.7% last month, above economists’ forecast for a 0.5% rise, signalling ongoing strength in consumer spending.

The U.S. Department of Labor, meanwhile, reported Thursday that initial jobless claims rose by 2,000 to a seasonally adjusted 216,000 for the week ended Nov. 10, in line with economists’ forecasts.

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