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, […]

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