Gold Gains as House of Representatives Votes to Impeach Trump

Early on Thursday, gold prices are gaining strength over the US House of Representatives’ vote to impeach President Donald Trump, heightening uncertainty in markets and raising the safe haven appeal. At the time of writing, GOLD is trading at a little above $1,477.

Trump is set to become the third American president to be impeached, starting with a trial in the Senate which would decide his conviction and possible removal from office. As a result of the heightened political uncertainty in the US, the dollar weakened while the safe haven appeal of gold increased, driving further bullishness in the precious metal.

Gold, however, remains under some pressure after Fed policymakers expressed optimism about the health of the US economy and signaled a pause in interest rate changes for some time to come. The yellow metal has also been driven lower over the past few days by an improvement in the market sentiment over rising hopes for a phase one trade deal to be signed soon between the US and China.

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies
ABOUT THE AUTHOR See More
Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
Related Articles
Comments
0 0 votes
Article Rating
Subscribe
Notify of
0 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments