Gold edges higher as virus woes eclipse vaccine optimism

By Eileen Soreng

(Reuters) – Gold prices edged up on Thursday, after dropping over 1% in the previous session, as concerns over the economic fallout from surging COVID-19 cases outweighed positive development around a vaccine.

Spot gold rose 0.2% to $1,868.81 per ounce by 0549 GMT, while U.S. gold futures were 0.3% higher at $1,866.30 per ounce.

Gold is down 4.2% this week after Monday’s encouraging late-stage coronavirus vaccine trial data from Pfizer Inc <PFE.N> and BioNTech <BNTX.O>."Gold traders are trying to strike a balance between a positive vaccine news and a rising number of coronavirus cases around the globe," said Margaret Yang, a strategist with DailyFx, which covers currency, commodity and index trading.Although the vaccine may affect the medium-to-long-term trends of gold prices, monetary and fiscal stimulus are needed in the near-term to shelter the global economy, Yang said.European Central Bank President Christine Lagarde signalled further support for the economy on […]

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