Gold futures settle higher after back-to-back session declines

Gold futures settle higher after back-to-back session declines

Gold futures settled higher on Wednesday, finding support after posting back-to-back session declines. Prices for the precious metal gained as the U.S. and China signed the much anticipated Phase 1 trade agreement and the U.S. House of Representatives voted to send impeachment articles to the Senate. Against that backdrop, “the S&P 500 has pulled back from its high and that appears to have given gold a further lift,” said Michael Armbruster, managing partner at Altavest. “With the S&P 500 looking expensive at current levels, and the [Federal Reserve] continuing to add liquidity, it makes sense that investors would look to diversify into gold.” February gold rose $9.40, or 0.6%, to settle at $1,554 an ounce.

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