2018.11.1506:19:00UTC+00Gold Prices Rise Amid Brexit Turmoil

Gold prices rose on Thursday to extend gains from the previous session after Brexit Secretary Dominic Raab and Northern Ireland minister Shailesh Vara announced their resignations, dealing a severe blow to Prime Minister Theresa May's Brexit plans.

Spot gold rose 0.26 percent to $1,210.98 per ounce while U.S gold futures were up over 1 percent at $1,211.60 per ounce.

The surprise resignation of Mr. Raab followed a tense, five-hour meeting of the cabinet the previous day, during which May won approval for the draft Brexit deal.

Earlier, European Council President Donald Tusk called a summit for leaders to sign off the agreement on Nov. 25 unless "something extraordinary happens."

Interestingly, gold is benefiting despite the dollar rising in European trade on safe-haven demand.

While Asian stocks ended the day mixed, European markets gave up earlier gains to edge lower in a sign of increased risk aversion.