Gold moved up as U.K. Prime Minister Theresa May suffered second Brexit defeat in just three months, raising market concerns over the quickly approaching March 29 Brexit deadline.
UK parliament voted on Tuesday to reject Prime Minister Theresa May’s Brexit deal by 391 votes to 242 after May said she secured "legally binding" changes to her Brexit deal.
Gold climbed above its key psychological level of $1,300, with April futures last trading at $1,301.40, up 0.80% on the day.
Kitco’s senior technical analyst Jim Wyckoff pointed to lower U.S. dollar as one of the reasons for higher gold prices on Tuesday. “A lower U.S. dollar index on this day and a mild U.S. inflation report are also friendly for the precious metals markets. Gold and silver bulls have regained some technical strength this week,”