03.09.201906:57:00UTC+00Gold Prices Rise On Trade Woes, Brexit Uncertainty

Gold prices inched higher on Tuesday, as the prospect of more Brexit-related market turmoil as well as uncertainty surrounding the much-awaited trade talks between the U.S. and China sapped demand for riskier assets. Spot gold rose 0.15 percent to $1,531.71 per ounce, after hitting as high as $1,554.56 last week, the highest level since April 2013. U.S. gold futures were up 0.7 percent at $1,540.35 an ounce.

The British pound flirted with 2 1/2-year lows after British Prime Minister Boris Johnson threatened to call a snap election to push through Brexit.

Lawmakers will vote today on a plan that would give MPs, who are opposed to the prime minister's Brexit strategy, control of the parliamentary agenda.

On the trade front, China has approached the World Trade Organization after the Trump administration levied an extra 15 percent tariff on $300 billion worth of Chinese imports from Sept. 1.

China will "firmly safeguard its own legitimate rights and interests and resolutely uphold the multilateral trading system as well as the international trade order in line with WTO rules," the Chinese Ministry of Commerce said.