Gold falters on vaccine progress – Charles Schwab

Gold futures recent loss of luster continued on Thursday as investors weighed reported progress on multiple COVID-19 vaccines. The yellow metal had experienced a tremendous rally from the initial March 1450 pandemic low to the near 2100 August highs but the market has since consolidated wrapped around the 1900 mark while the December Gold contract (GC20) has drifted back down to test the 1850 low end of its recent price range. With the election in the rearview mirror and stimulus talks on the back burner, daily pandemic news continues to be front and center, Joe Schulte from Charles Schwab briefs. Key quotes

“After last week’s positive Pfizer study, Moderna reported encouraging results of their own this week. Progress on the vaccine front has precious metals on the defensive as the potential for an eventual return to economic stability and growth erodes the safe-haven attraction.”

“Profit-taking, and a surging equity market, […]

Click here to view original web page at www.fxstreet.com

About the author: StockMan

Please remember:

The information provided here is for general knowledge and educational purposes only.
It is not intended to be a substitute for professional financial advice.
Every individual's financial situation is unique, and what works for one person may not work for another.
Before making any investment or financial decisions, you should always consult with a qualified financial advisor who understands your specific circumstances and goals.

Any information posted on the website has been prepared without taking into account your objectives, financial situation or needs and as such, should never be acted upon. Please be aware that any information posted on this site should not be considered to be financial advice and i am not a financial advisor.