Gold prices fell today as market optimism for a second vaccine against “Covid-19” balanced concerns over a weak dollar and growing global “coronavirus” cases.
Spot gold fell 0.1% per ounce to $1886.17 to GMT 06.23, while US gold futures fell 0.2% to $1884.50.
FXTM analyst Han Tan said, “The (Covid-19) vaccine optimism is reducing the demand for precious metals.”
He added that while the agenda led by Democrats in the U.S. Senate could bring greater fiscal stimulus to support gold, but thanks to vaccines, the recovery of the U.S. economy could reactivate the dollar and drop gold below $1850.
Yellow metal was backed by a 0.1% decline in the dollar index.
Gold fell 1.3% yesterday after “Modena” revealed that it was 94.5% effective in preventing “covid-19” based on temporary data obtained from clinical trials, and “Pfizer” announced results that exceeded expectations Next, it became the second American pharmaceutical company.
For other precious metals, silver fell 0.7% to $24.58 per ounce. Platinum fell 0.4% to $921.49, and palladium fell 1.1% to $2308.11.
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