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Gold prices climbed to their highest level in more than three weeks on Tuesday as calls for the launch of the Trump impeachment process led to a drop in the stock market and disappointing consumer confidence data further boosted gold prices.
Spot gold rose to $1,527.4 an ounce at 1826 GMT, hitting its highest price since September 5 at $1,535.60 an ounce.
U.S. futures closed up 0.6% at $1,540.20 an ounce.
"Worries about impeachment may be somewhat disturbing to the market. We've seen the U.S. stock market rise and fall as a result of continued trade tensions, "said Suki Cooper, precious metals analyst at Standard Chartered Bank.
The S&P 500 index and the Nasdaq index both hit their biggest declines in the next month on Tuesday, after one of the leaders of the U.S. Congress, Congressman John Lewis and other Democrats called for an impeachment process to impeach U.S. President Trump.
Suki Cooper added: "In today's trading, we see worries about negative news, pressure from political uncertainty on the stock market, and a small drop in yields on U.S. Treasuries, and gold as a hedge asset prices have been boosted."
Weak consumer confidence data in the United States have heightened concerns about the global economy. The US consumer confidence index fell the most in nine months in September due to the impact of the Sino-US trade war.
SPDR Gold Trust, the world's largest gold-listed trading fund, said its gold position rose 1.61% to 908.52 tons on Monday, the highest level since November 2016.


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