December 19, 2019 / 2:13 AM / a month ago

PRECIOUS-Gold gains as U.S. House votes to impeach Trump

    Dec 19 (Reuters) - Gold prices inched up on Thursday after
the U.S. House of Representatives voted to impeach President
Donald Trump on articles of abuse of power and obstruction of
Congress.    
        
    FUNDAMENTALS
    * Spot gold        was up 0.1% at $1,477.15 per ounce, as of
0152 GMT. U.S. gold futures        were up 0.2% at $1,481.30 per
ounce.
    * Trump became the third U.S. president to be impeached as
the House formally charged him with abuse of power and
obstruction of Congress in a historic step that will inflame
partisan tensions across a deeply divided America.             
    * The House action sets the stage for a trial next month in
the Republican-controlled Senate on whether to convict him and
remove him from office.
    * The dollar        eased against a basket of currencies,
making gold cheaper for holders of other currencies.       
    * Two U.S. central bankers on Wednesday said the U.S.
economy is in good shape after three interest-rate cuts this
year, underscoring the consensus at the Federal Reserve for
keeping borrowing costs where they are for the time being. 
            
    * Prior to the impeachment vote, Asian shares edged higher
on positive global growth outlook followed by improving economic
indicators.            
    * Holdings of the world's largest gold-backed
exchange-traded fund, SPDR Gold Trust      , rose 0.3% to 883.29
tonnes on Wednesday.          
    * India, world's second-biggest gold consumer, has
restricted imports of gold and silver in the powder and
unwrought forms, the government said in a notification. 
            
    * Elsewhere, palladium        edged up 0.1% to $1,924.97 per
ounce. The metal prices had hit an all-time peak of $1,998.43 on
Tuesday.
    * Palladium prices are close to breaking above $2,000 an
ounce for the first time, with a gaping supply deficit fuelling
a remarkable run that has seen the autocatalyst metal more than
quadruple in value since 2016.             
    * Silver        rose 0.2% to $17.03 per ounce, while
platinum        fell 0.2% to $933.34.
    
DATA/EVENTS (GMT)
0745   France      Business Climate Mfg      Dec
0930   UK          Retail Sales MM, YY       Nov
0930   UK          Retail Sales Ex-Fuel MM   Nov
1200   UK          BOE Bank Rate             Dec
1200   UK          GB BOE QE Corp            Dec
1330   US          Initial Jobless Claims    Weekly
1330   US          Philly Fed Business Indx  Dec
1500   US          Existing Home Sales       Nov

 (Reporting by Asha Sistla in Bengaluru, Editing by Sherry
Jacob-Phillips)
  
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