Gold prices tumble, U.S dollar up

Gold prices tumble, U.S dollar up

The yellow metal was down at the fourth trading session in London. The selling pressure seen lately in the gold market is coming on macros revealing Pfizer’s safety data to advance its COVID-19 vaccine to the U.S. Food and Drug Administration for approval, coupled with the U.S dollar rebounding up.

At about 6.15 am West African time, Gold futures lost about 0.41% to trade at $1866.20/ounce.

What this means

The rebound seen lately in the U.S dollar has helped diminish appetite for the precious metal with the U.S dollar rising, as global investors move from stocks to the more risk-averse asset. A stronger U.S dollar makes the yellow metal more expensive for holders in other major currencies.Adding more woes to gold bulls include reports from Pfizer/BioNTechvaccine team that they have enough safety data to advance their COVID-19 vaccine candidate to the U.S. Food and Drug Administration for approval within days. […]

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