2018.11.1606:15:00UTC+00Gold Hits One-week High Amid Brexit Uncertainty

Gold prices rose on Friday to hover near a one-week high as Brexit turmoil and trade concerns triggered broad-based risk aversion.

Spot gold rose 0.3 percent to $1,216.53 and hovered near its highest level since November 9. U.S. gold futures for December delivery were up nearly 1.5 percent at $1,216.90 per ounce.

After some high profile UK government resignations dealt a blow to Theresa's May's Brexit deal, May insisted that Brexit meant making "the right choices, not the easy ones."

EU leaders have dismissed talk of renegotiating the draft Brexit deal and warned the U.K.'s political situation could make a "no-deal" more likely.

Elsewhere, U.S. Trade Representative Robert Lighthizer denied a Financial Times report claiming that he had told some industry executives that the Trump administration plans to put further China tariffs on hold.

There has been some speculation that the U.S. and Chinese governments will reach some kind of deal at the G20 summit later this month to prevent a further escalation of the tariff war.