Gold prices inch lower on Wednesday

BENGALURU, Sept 25 (Reuters): Gold prices inched lower on Wednesday as some investors booked profit, but the metal remained supported below a three-week peak hit in the prior session as the launch of a formal impeachment inquiry into President Donald Trump stoked political worries.

Democrats in the US House of Representatives on Tuesday launched a formal impeachment inquiry into Trump, accusing him of seeking foreign help to smear Democratic rival Joe Biden ahead of next year's election.

Spot gold was down 0.2 per cent to $1,529.14 per ounce, as of 0617 GMT, after having risen to its highest level since Sept. 5 at $1,535.60 on Tuesday. US gold futures fell 0.2 per cent to $1,536.60 per ounce.