Daily Gold Update

Source:Bill Musgrave, American Gold Exchange

AustinGold gained 0.4% to close at a two-week high above $1,484 after the impeachment of President Trump lifted safe-haven demand despite an ongoing rally in equities.

The House voted along party lines to impeach the President on charges of obstruction of Congress and abuse of power. The trial will be held in the Senate, which is almost universally expected to acquit along party lines.

While the outcome is all but certain, the fact of impeachment adds another element of turmoil to an already-troubled political landscape. Gold is often seen as a go-to asset during periods of political or economic instability.

Equity markets largely shook off the new, with all three major US indexes rising to new record highs on continuing euphoria over the prospect of a "phase one" trade deal with China. The Dow and S7P 500 rose 0.5% while the Nasdaq added 0.7%.

The Conference Board's index of Leading Economic Indicators was flat in November, which counts as a victory after three straight months of declines. The Philadelphia Fed region reported its index of business activity fell to the lowest level in six months, hit by continued weakness in manufacturing.

The other precious metals were mixed, with silver adding 0.6% while palladium slid 0.3% and platinum was nearly flat.

At the Comex close: February gold gained $5.70 to $1,484.40; March silver added 11 cents, to $17.15; January platinum dipped 20 cents to $935.50; and March palladium rose $4.80 to $1,901 an ounce.