Gold inches higher on softer dollar, virus woes; vaccine hopes cap gains

Gold inches higher on softer dollar, virus woes; vaccine hopes cap gains

Gold bullion bars are pictured after being inspected and polished at the ABC Refinery in Sydney on August 5, 2020.

DAVID GRAY | AFP | Getty Images

Gold prices edged higher on Tuesday as dollar slipped, while investors weighed concerns over spiking coronavirus cases globally against optimism over positive developments around a second possible Covid-19 vaccine.

Spot gold rose 0.1% to $1,890.27 per ounce by 0327 GMT, while U.S. gold futures were up 0.1% at $1,889.70.Bullion dropped as much as 1.3% on Monday after drugmaker Moderna said its experimental vaccine was 94.5% effective in preventing Covid-19 based on interim data from a late-stage trial, becoming the second U.S. drugmaker after Pfizer to report results exceeding expectations.“Traders are striking a balance between the positive vaccine breakthrough and the prospect of lower fiscal stimulus in the quarters to come,” said Margaret Yang, strategist, DailyFX.But monetary environment is still very accommodative and may stay […]

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