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