Gold prices rise as investors watch impeachment vote

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On Wednesday, gold futures were trading higher after a report on US inflation and when investors responded to a House vote to impeach President Donald Trump for the second time, days before the power to President-elect Joe Biden on January 1. 20. “Today’s focus is on the US House of Representatives which is poised to impeach President Trump for an unprecedented second time,” Jim Wyckoff, a senior analyst at Kitco.com, wrote in a daily investigative report.

“Trump has one week left of his term as president. The market remains a bit anxious ahead of Joe Biden’s inauguration as the next president, amid threats of violence from extremists in the United States. at $ 1,858 after closing 0.4% lower on Tuesday. Gold futures boosted gains early Wednesday after the US consumer price index showed a 0.4% rise in December and a basic reading, minus food and energy, rose 0.1%. in December. The year-over-year reading was 1.4% and 1.6% for the base figure, compared to economists’ average estimates of 1.3% and 1.6%, respectively. The headline CPI has risen for seven months in a row, but remains below the Federal Reserve’s 2% target. Silver for March delivery SIH21, + 0.12% SI00, + 0.12%, meanwhile, erased a modest loss to turn flat, at $ 25.43 an ounce, following a 0.5% gain in the prior session. Investors have largely looked beyond the renewed political grudge in Washington. The Democratic-controlled House was expected to vote later Wednesday to impeach Trump for his apparent role in sparking a violent attack on the United States Capitol. A handful of House Republicans, including Liz Cheney of Wyoming, No. 3 in the House Republican leadership, have said they would vote for impeachment. Lately, gold has been trading in a relatively moderate range and trending lower, risking falling below a psychologically important price of $ 1,800, which some technical strategists would consider bearish in the short term.