Gold prices slip as Moderna vaccine progress weighs on haven metals

Gold prices slip as Moderna vaccine progress weighs on haven metals

Xavier Galiana/Agence France-Presse/Getty Images The report comes a week after Pfizer PFE, +2.85% and BioNTech BNTX, +4.30% announced an experimental vaccine against COVID-19 that was at least 90% effective in Phase 3 studies, with the hopes of further progress on therapies and cures for the deadly disease overshadowing a resurgence of the spread of the infection across the globe and momentarily undercutting the appeal for precious metals overall.

December gold GCZ20, -0.01% declined $11.40, or 0.6%, to reach $1,874.80 an ounce, after the yellow metal saw a 3.4% weekly decline, based on the most-active contract, which was the largest since the week ended Sept. 25, FactSet data show.

Silver futures for December delivery SIZ20, -0.68% , meanwhile, shed 37 cents, or 1.5%, to reach around $24.41 an ounce, following its 3.5% weekly loss put in on Friday.

“Safe-haven gold fell as investors again reduced their exposure to the metal, in much a […]

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