PRECIOUS-Gold steady as Trump's impeachment inquiry stokes risk-off mood

Published 25/09/2019, 02:46
© Reuters.  PRECIOUS-Gold steady as Trump's impeachment inquiry stokes risk-off mood
XAU/USD
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GC
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Sept 25 (Reuters) - Gold prices were trading steady on

Wednesday, a touch below a nearly three-week high hit in the

previous session, as global equities dipped after U.S. lawmakers

launched a formal impeachment inquiry into President Donald

Trump.

FUNDAMENTALS

* Spot gold XAU= was little changed at $1,532.20 per

ounce, as of 0122 GMT. In the previous session, prices of the

safe-haven bullion climbed to their highest level since Sept. 5

at $1,535.60.

* U.S. gold futures GCv1 were down 0.1% at $1,539.5 per

ounce.

* The dollar wobbled on Wednesday, while Asian stocks fell

as impeachment inquiry into Trump increased the prospects of

prolonged political uncertainty in the world's largest economy.

USD/ MKTS/GLOB

* Democrats in the U.S. House of Representatives on Tuesday

launched a formal impeachment inquiry into Trump, accusing him

of seeking foreign help to smear Democratic rival Joe Biden

ahead of next year's election. * Trump delivered a stinging rebuke to China's trade

practices on Tuesday at the United Nations General Assembly,

saying he would not accept a "bad deal" in U.S.-China trade

negotiations. * U.S. consumer confidence ebbed in September as an

escalation in trade tensions fanned concerns about business and

labor market conditions, a potentially worrying signal for

consumer spending, which has been driving the economy.

* The UK Supreme Court ruled on Tuesday that Boris Johnson's

decision to shut down parliament in the run-up to Brexit was

unlawful, but a defiant prime minister said he disagreed and

vowed that Britain would leave the EU by Oct. 31, come what may.

* Saudi Arabia believes Iran conducted the recent attacks on

its oil facilities and will consider a military response once

its investigation is complete, the kingdom's minister of state

for foreign affairs said on Tuesday. * German business morale rose in September for the first

time in six months but Europe's largest economy is still likely

slipping into recession as the U.S.-China trade conflict and

Brexit bite, the Ifo economic institute said on Tuesday.

* Bank of Japan policymakers discussed the need for the

central bank to take a preemptive response to downside risks to

the economy and prices, minutes of the central bank's July 29-30

meeting showed on Wednesday. AHEAD

0645 France Consumer Confidence Sept

1000 UK CBI Distributive Trades

1400 US New Home Sales-Units Aug

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