Gold keeps falling on positive COVID-19 vaccine news

By Xu JingUnreguser

CHICAGO, Nov. 24 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange fell on Tuesday as investors continued reacting to positive COVID-19 vaccine news.

The most active gold contract for December delivery fell 33.2 U.S. dollars, or 1.81 percent, to close at 1,804.6 dollars per ounce.

U.S. Health and Human Services Secretary Alex Azar said a COVID-19 vaccine could be authorized as soon as Dec. 10, and distribution could begin shortly after.

The market is also reacting to the announcement that the U.S. presidential transition will officially begin, a sign of stability which drove investors away from the precious metal's safe haven properties.

The Conference Board reported on Tuesday that U.S. consumer confidence fell to 96.1 in November from a revised reading of 101.4 in October. Market analysts attribute the drop to rising COVID-19 cases across the United States. This prevented gold's fall somewhat.

Silver for December delivery fell 33.3 cents, or 1.41 percent, to close at 23.3 dollars per ounce. Platinum for January delivery rose 26.6 dollars, or 2.85 percent, to close at 958.3 dollars per ounce.

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