Gold prices rise Thursday ahead of inflation report, but sit on sharp weekly loss

Gold prices rise Thursday ahead of inflation report, but sit on sharp weekly loss

The U.S. reported more than 144,000 new cases for Wednesday, up about 4,000 from the day before, according to data compiled by Johns Hopkins University. The total number of confirmed cases nationwide topped 10.4 million.

Still, the precious metal is off 4.6% so far this week, according to FactSet data, after its worst daily drop in seven years was prompted by news from Pfizer PFE, -0.46% and BioNTech BNTX, -2.93% of an effective coronavirus vaccine.

“Gold has not yet managed to recover after the $100 collapse which followed Pfizer’s vaccine announcement as investors moved to riskier assets,” wrote Carlo Alberto De Casa, chief analyst at ActivTrades in a daily note.

“The bullion price is stagnating at $1,870 without being able to achieve significant and stable recoveries,” the commodity strategist wrote. “The main scenario remains risk on, even if it seems likely that some traders will take home some profits over the next […]

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