Gold continued to face heavy selling pressure around its two month highs amid profit booking and a steady undertone in global equities. Markets edged up in Europe with the FTSE rising by 1% after the UK Supreme Court ruled on Tuesday that British Prime Minister Theresa May will need to seek approval from parliament in order to trigger Article 50 of the Lisbon Treaty to begin the formal process of withdrawing from the European Union, known as Brexit.
In a majority of 8 to 3, the Supreme Court ruled that the government cannot trigger article 50 without an act of parliament. The court also ruled that the government does not have to consult the devolved parliaments before triggering article 50. COMEX Gold eased by 0.20% on the day to trade at $1213 per ounce. MCX Gold futures are trading at Rs 28737 per 10 grams, down 0.23% on the day.
Local Gold imports witnessed a drop of about 32% to $17.7 billion in April-December of the current fiscal, which is expected to keep a lid on the current account deficit. Total imports of the precious metal in the corresponding period of 2015-16 stood at $26.4 billion.
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