As the United States ponders the uncertain future of President Donald Trump commodity markets have benefitted, especially gold.
Pressure is growing on Trump, with calls he should be impeached, because of the alleged coordination between his campaign and Russia during the 2016 presidential election.
The US Justice Department has appointed former FBI director Robert Mueller as a special counsel to oversee a federal investigation into the matter.
Gold became a safe haven for investors overnight, finishing at a two-week high, as the escalating circumstances surrounding Trump led to the US stock market being hammered.
The precious metal rose 1.8 per cent to $US1259.91 an ounce – or $A1695.42. In US dollar terms gold is almost 10 per cent higher in 2017.
“Spot gold prices surged in Wednesday New York trading as investors rushed to safe havens as President Trump’s political woes went from bad to worse – a lower US dollar on the day also fed this buying interest (as it did for other commodities),” Patersons Securities reported.
Gold was not the only commodity to improve overnight, with silver up 0.6 per cent at $US16.92 an ounce and platinum 0.7 per cent higher at $US944 an ounce.
Iron ore reversed some of its recent losses with a 1.7 per cent rise to $US62.20 a tonne. Most base metals increased their value despite the political uncertainties, while crude oil prices also advancing.