Gold prices suffer worst weekly drop since September

Gold prices suffer worst weekly drop since September

Gold prices lost some of its blinks at last week’s trading session cumulatively. For the week, it lost 3.4%, its most for a week since late September.

What we know: New York -traded gold for December delivery settled up 0.7% at $1,886.20.

That said, its gain recorded in the last trading session, couldn’t prevent it from posting its worst weekly loss since September, triggered by early selling in the week after market hype that showed Pfizer’s COVID-19 Vaccine was, what the world was waiting for.

What this means: Investors’ of late have been trooping into riskier assets like global stocks on the bias that Pfizer’s COVID-19 vaccine would provide a lifeline to the world’s economy, triggering the precious metal to lose 4.5% at the early part of the week.Investors’ over-exuberance with progress reported by Pfizer on its Covid-19 vaccine trials triggered a massive rally in risk assets on Monday that […]

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