COMEX Gold futures saw flat moves yesterday as some profit selling emerged in the yellow metal amid a firm undertone in equities. However, sentiments now appear supported after British lawmakers overwhelmingly rejected Prime Minister Theresa May's seperation deal with the European Union on Tuesday, plunging the Brexit process into chaos and triggering a no-confidence vote. The defeat was widely expected, but the scale of the House of Commons' vote — 432 votes against the government and 202 in support was very high. This should support Gold in near term. The metal currently trades at $1288 per ounce,almost unchanged on the day. MCX Gold futures closed flat just under Rs 32200 per 10 grams. The Indian Rupee slipped further. The INR broke above 71 per US dollar mark amid a firm undertone in the US dollar overseas.

COMEX Gold stayed well supported last week as buying stayed in place following upbeat comments from the World Gold Council (WGC). The interplay between market risk and economic growth in 2019 will drive gold demand and financial market instability, monetary policy and the US dollar and structural economic reforms would be the three key trends that will influence the price performance of the metal, noted the WGC, in a latest update.

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