Gold prices are beginning a week led by the Federal holiday of Dr. Martin Luther King, Jr., Day in the United States with steady forward motion. Gold began bouncing around the $1,560USD mark on the world markets, but how does this shape up for the week ahead?
It will be interesting to see if the precious metals markets respond to any of the breaking developments from the President Donald Trump impeachment hearings; the Senate is now taking up the articles of impeachment in earnest. If any big news breaks this week, expect to see precious metals markets reflect this.
If Trump is acquitted, it's probable the maintenance of the political status quo will help keep gold prices fairly stable. But in the scenario that President Trump, now already technically impeached, is removed from office after findings of the Senate trial, this could send gold prices rapidly upward.
To see political instability in the United States, the world's leading super power, is something that racks the nerves of investors around the world. And they will surely scramble to the safe-haven insurance policy of gold in the event stock market and commodities prices stumble in the wake of Trump's sudden departure.