Picture used for illustrative purpose. File Gulf Today Report
Gold prices fell on Tuesday due to the market being hopeful after the announcement of a second COVID-19 vaccine.
Spot gold eased 0.1% to $1,886.17 per ounce by 0623 GMT, while US gold futures were down 0.2% at $1,884.50.
Gold fell as much as 1.3% after Moderna announced its coronavirus vaccine being 94.5% effective.Han Tan, FXTM market analyst said the prospect of a COVID-19 vaccine easing demand for gold. READ MORE European, Asian shares jump as China and Japan data gain momentum "The optimism over a COVID-19 vaccine is dampening demand for the precious metal," said FXTM market analyst Han Tan.He added that a stimulus fuelled US economy could advance gold but the availability of vaccine may boost the dollar thereby easing gold to sub -$1,850 levels.However, gold has increased by more than 24% this year due to the global stimulus injected […]
November 17, 2020 (updated November 17, 2020) Published by StockMan