Gold Turns Lower Again as Dollar and Stocks Strengthen

Gold Turns Lower Again as Dollar and Stocks Strengthen

(Bloomberg) — Gold declined, wiping out Tuesday’s gains, as the dollar strengthened and defensive shares pushed up equities in Europe.

Bullion rose on Tuesday, after slumping the most in three months the previous day as signs of a vaccine breakthrough hurt haven demand. Optimism over the vaccine that’s helping drive global stock markets higher led Goldman Sachs Group Inc. to boost its price targets for Europe’s main equities gauge and the S&P 500 Index.

A vaccination campaign could begin by spring, U.S. Health and Human Services Secretary Alex Azar said. Still, there are concerns that the pandemic is worsening in some countries. America reported a record number of infections Monday and may go on to hit the most hospitalizations yet later this week. The situation also looks dire in Europe amid rising fatalities in Germany.

“The biggest reason for another abrupt drop in gold prices would be more good news on the […]

About the author: StockMan
Tell us something about yourself.
Posting Guidelines
Do
  • Do contribute something to the discussion
  • Do post factual information, analysis and your view on company valuations
  • Do disclose if you have an interest in a security
  • Do take our Terms of Use seriously
Do Not
  • Do not make low-content posts, unsubstantiated ramps or untruthful/misleading statements
  • Do not complain about a post unless you have reported it first, and not on the forum.
  • Do not post financial advice
  • Do not advertise or post sponsored content

Get involved!

Get Connected!

Come and join our community. Expand your network and get to know new people!

Comments

No comments yet