Mubasher: Gold traded higher on Wednesday, after losing around 1% in the preceding session, owing to uncertainty surrounding Brexit negotiations, but a risk-taking sentiment limited the precious metal’s gains, Reuters reported.

By 10:37 am GMT, spot gold went up by 0.10% to $1,482.49 per ounce, while US gold futures rose by 0.21% to $1,486.60 per ounce.

Uncertainties were raised over Brexit, including the question whether the deal will win the parliamentary approval, according to AxiTrader market strategist Stephen Innes.

“Even if both European Union and UK negotiators agree on terms it still has to go through the parliament,” Innes was quoted by Reuters.

An inked Brexit deal could help support yields, which fundamentally poses near-term risks for gold, he said.

Brexit talks continued through the early hours of Wednesday as UK Prime Minister seeks to clinch a deal before the EU leaders meet crunch summit in Brussels.

EU’s Brexit chief negotiator Michel Barnier said that if no agreement could not be clinched on Tuesday, it would be too late to submit any proposals for EU leaders to approve at the summit due on Thursday and Friday.

Furthermore, gold was supported as tension escalated once again between the US and China.

Beijing threatened to take countermeasures after the US House of Representatives on Tuesday passed four pieces of legislation, among which were three supporting anti-government protests in Hong Kong.

“So far the trade negotiations were going well between US and China, but if we see a flip over this issue we might see gold moving up,” Reuters said, citing Phillip Futures analyst Benjamin Lu.