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 […]

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