Gold prices rose on Wednesday, and shrugged off a frim dollar and upbeat economic data.

Data showed today that the US consumer price index rose in by 0.4% during December, and the core reading (excluding energy and food prices) rose 0.1%, after rising by 0.2% in November. 

Investors are anticipating President-elect Joe Biden's plans to launch a huge stimulus package to support the US economy that is worth trillions of dollars, as he said more details would be revealed on Thursday.

The dollar index rose against a basket of major currencies by 0.2% to 90.3 points as of 20:10 GMT, after hitting a high of 90.3 points and a low of 89.9 points.

Gold February futures rose 0.6% or $10.7, and closed at $1,854.90 an ounce, with today’s high at $1,863, and the low at $1,849.1.

Most of the US stock indices closed higher on Wednesday (except for Dow Jones), as Nasdaq and S&P 500 were buoyed by the recovery in tech shares, while Dow Jones was weighed down by the political turmoil.

The US House of Representatives voted voted to impeach President Donald Trump from office due to inciting his supporters to storm the Capitol building and violence.

This makes Trump the first US president to be impeached twice in one term and he will be trialed in the Senate.

National Guard forces were deployed to the Capitol Hill building in Washington to secure it from any potential violence, especially after President Trump's statements that his impeachment could lead to instability in the US.

US President Donald Trump described the House of Representatives attempts to impeach him as terrible and ridiculous, adding that the country could be face instability if gets removed from office.

Data showed today that the US consumer price index rose in by 0.4% during December, and the core reading (excluding energy and food prices) rose 0.1%, after rising by 0.2% in November. 

Investors are anticipating President-elect Joe Biden's plans to launch a huge stimulus package to support the US economy that is worth trillions of dollars, as he said more details would be revealed on Thursday.

To the oil market, WTI crude February futures fell 0.6% or 30 cents, and closed at $52.91 a barrel, after hitting a day high of $53.9 and a low of $52.5.

Brent March futures fell 0.9% or 52 cents, and closed at $56.06 a barrel, after hitting a high of $57.4 and a low of $55.7.

As for stocks, Dow Jones fell less than 0.1% or 8 points, and closed at 31,060, with a day high of 31,153, and a low of 30,992.

Nasdaq rose 0.4% or 156 points to 13,128 points, with a high of 13,171 and a low of 13,051.

S&P 500 rose 0.2% or 8 points to 3,809, after hitting a high of 3,820 and a low of 3,791.

Silver prices fell on Wednesday, as the US dollar rose against most major currencies after the release of upbeat economic data, while the market follows the US House of Representatives' impeachment vote.

The US House of Representatives voted voted to impeach President Donald Trump from office.

National Guard forces were deployed to the Capitol Hill building in Washington to secure it from any potential violence, especially after President Trump's statements that his impeachment could lead to instability in the US.

The dollar index rose against a basket of major currencies by 0.2% to 90.3 points as of 21:22 GMT, after hitting a high of 90.3 points and a low of 89.9 points.

Data showed today that the US consumer price index rose in by 0.4% during December.

Silver March futures fell 0.5% or 13.7 cents, and closed at $25.572 an ounce, with today’s high at $25.785, and the low at $25.170.

Oil prices fell on Wednesday, erasing the early gains, despite a drop in the US crude inventories.

The US Energy Information Administration reported today that crude inventories fell 3.2 million barrels to 482.2 million during the past week, on par with forecasts.

While the American Petroleum Institute (API) revealed yesterday in preliminary data that the US crude inventories fell 5.8 million barrels during the same period.

The dollar index rose against a basket of major currencies by 0.1% to 90.2 points as of 18:06 GMT, after hitting a high of 90.3 points and a low of 89.9 points.

As of 18:07 GMT, WTI crude February futures fell 0.7% to $52.8 a barrel, after hitting a day high of $53.9 and a low of $52.5.

Brent March futures fell 1% to $55.9 a barrel, after hitting a high of $57.4 and a low of $55.7.