Gold prices settle near one-week high as markets keep an eye on second Trump impeachment

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Futures for gold on Wednesday finshed solidly higher after a report on U.S. inflation and as investors responded to a House vote on impeaching President Donald Trump, for a second time, days before he is set to relinquish power to President-elect Joe Biden on Jan. 20. February gold prices traded $10.70, or 0.6%, higher to settle at $1,854.90 an ounce, after settling 0.4% lower on Tuesday. The settlement for gold marks its highest level since Jan. 7, FactSet data show. Investors have largely looked past renewed political rancor in Washington. The Democratic-controlled House was expected to vote later Wednesday to impeach Trump for his apparent role in sparking a violent attack on the U.S. Capitol. Trump was impeached by the House once before for abuse of power and obstruction of justice in December of 2019 but acquited in the Senate.
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