Gold set for weekly fall on vaccine optimism


Spot gold fell 0.1% to US$1,808.90 per ounce, down 3.3% on the week. US gold futures rose 0.1% to US$1,806.80.

Bengaluru: Gold has eased en route to a third straight weekly drop as investors weighed doubts over a leading Covid-19 vaccine candidate against optimism that vaccines will arrive sooner than expected.

Spot gold fell 0.1% to US$1,808.90 per ounce, down 3.3% on the week. US gold futures rose 0.1% to US$1,806.80.

Asian shares stalled near record highs as AstraZeneca faced tricky questions about the success rate of its vaccine that could hinder speedy US and European Union regulatory approvals.

“For the markets, I don’t think that changes the perception that there’s going to be a vaccine sooner than previously expected, ” said IG Markets analyst Kyle Rodda.

Investors are starting to buy into the narrative that the economic recovery is going to gather steam in 2021 and that’s driving them to liquidate gold holdings, Rodda added.

Gold is trapped in a range of US$1,800-US$1,820 an ounce, according to Jeffrey Halley, a senior market analyst at OANDA. — Reuters

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