Gold rises as stocks ease on Brexit, tech concerns

BENGALURU, Oct 23 (Reuters): Gold firmed on Wednesday as uncertainty over Britain's upcoming exit from the European Union (EU) and concerns over a slowdown in the global technology sector weighed on stocks, prompting investors to seek refuge in bullion.

Spot gold was up 0.5 per cent at $1,494.28 per ounce as of 0938 GMT. US gold futures rose 0.7 per cent to $1,497.40 per ounce.

"There is a bit of risk aversion in equity markets and gold is up again after consolidating over last few days. There are some bargain hunters in the gold market, especially as equities are down today," said Julius Baer analyst Carsten Menke.

European shares dipped for the first time this week as a profit warning from Texas Instruments raised worries about the global microchip industry, while UK lawmakers hit the pause button on Brexit.

Meanwhile, China's Vice Foreign Minister Le Yucheng said on Tuesday said Beijing and Washington have achieved some progress in trade talks.