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It does indeed work with gcc. It didn't like it though:
test.c:6: warning: assignment discards qualifiers from pointer target type
But the value did change when executed. I won't point out the obvious no-no...
You cannot change the value of a constant variable by using a pointer pointing to it. This type of pointer is called as Pointer to a constant.
There is also another concept called Constant Pointer. It means that once a pointer points to a memory location you cannot make it point to the another location.