Forex Marketz Daily Forex News – Fully Markets Update
Gold futures contracts inched higher during the Asian trade session after the U.S. Congress voted to impeach President Donald Trump for obstruction of Congress and abuse of power.
Trump is only the third president in history to be impeached as the House of Representatives formally charged the president with abusing his authority and obstruction.
This is a historic decision that will only deepen the partisan divide in an already deeply divided United States of America.
The matter now heads to the Republican controlled Senate for trial where 67 votes are needed to remove Trump from office.
As of 2 am GMT, the widely traded spot gold futures contract was up 0.1 percent to trade at $1,477.15 per ounce.
U.S. gold futures, for front end delivery, also gained ground. This futures contract added 0.2 percent to trade at $1,481.30 per ounce.
Gold Traders follow Trump’s Impeachment, Bank of England and Brexit also in Focus
The U.S. House of Representatives has officially voted to impeach President Donald J. Trump. The vote was along party lines and the matter now heads to the Senate for trial.
The articles for impeachment are likely to be dismissed by the Senate or Trump will be acquitted. President Trump is not very likely to be removed from office.
Brexit is also on the mind of those trading the yellow metal. Also on the calendar is a key central bank rate decision.
At noon GMT, the monetary policy and rate decision from the Bank of England is scheduled. The Bank of England is likely to keep their official bank rate at 0.75 percent.
The BOE is also focusing on the recent financial market turmoil caused by Prime Minister Boris Johnson. The British Prime Minister wants the United Kingdom to complete its exit from the European Union by the end of 2020.
This is worrying currency traders that the United Kingdom and the European Union will not have enough time to negotiate a new free trade agreement.
