Reports are going to have little impact on gold because all of those reports represent data accumulated prior to the current surge in COVID-19. Gold futures settled sharply lower last week with most of the losses taking place in one session, while the rest of the week, the market attempted to claw back these losses.
The market plunged nearly 5% last Monday after Pfizer said its experimental COVID-19 vaccine was over 90% effective based on initial trial results. However, the vaccine optimism was tempered throughout the week by a spike in coronavirus cases in the United States and Europe.
A Reuters tally showed novel COVID-19 cases soared by more than 100% in 13 U.S. states in the past two weeks, while the global tally crossed 52.45 million, underpinning the need for more stimulus.
Last week, December Comex gold settled at $1886.20, $65.50 or -3.36%.Despite the steep sell-off, gold prices remained underpinned by […]
November 15, 2020 (updated November 15, 2020) Published by StockMan