Gold's Safe Haven Triggered, What's Behind the Move? - Forex News by Strategia Forex
Gold - XAU/USD

Gold’s Safe Haven Triggered, What’s Behind the Move?

Posted Wednesday, September 25, 2019 by
Arslan Butt • 1 min read

Gold is trading steady, climbing slightly lower after hitting a three-week high above $1,535 on Tuesday on the news of possible impeachment of US President Donald Trump. At the time of writing, GOLD is trading a little above $1,529.

On Tuesday, Democrat leaders in the US House of Representatives under Nancy Pelosi moved to announce an official impeachment inquiry against President Donald Trump. This development was spurred by a complaint from a whistle-blower regarding Trump’s communications with the President of Ukraine to investigate business ties of former VP Joe Biden’s son.

This triggered gold’s safe haven appeal and the precious metal continued to stay supported by disappointing US consumer confidence figures for September. In addition, news of the impeachment caused a weakness in the US dollar, making gold even more attractive to buy.

US-China trade tensions came back to impact the market sentiment on Tuesday after Trump called out China in the UN General Assembly for its unfair trade practices. He also added that he was unwilling to accept any “bad deal” as negotiations between the trade teams of the two countries progress.

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About the author

Arslan Butt // Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
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