Golden Scout - Gold Drops to Four-Month Low on Vaccine News, Biden Transition
Gold dropped to the lowest level in four months amid optimism over Covid-19 vaccine developments and the triggering of a formal transition process to President-elect Joe Biden.
The General Services Administration acknowledged Biden as the apparent winner of the presidential election on Monday, following weeks of inaction, and President Donald Trump called on his agencies and departments to cooperate. Biden plans to nominate former Federal Reserve Chair Janet Yellen to serve as his Treasury secretary, people familiar with the matter said.
After rallying to a record in August, bullion prices are taking a hit amid vaccine progress and the recent outflow from gold-backed exchange-traded funds. The Covid-19 shot developed by the University of Oxford and AstraZeneca (NASDAQ:AZN) Plc prevented a majority of people from getting the disease in a large trial, another promising development in the quest to end the pandemic, and the rollout could begin next month.
Spot gold declined as much as 0.6% to $1,826.47 an ounce, the lowest level since July, and traded at $1,829.42 at 9:49 a.m. in Singapore. Silver dropped 1.1%, platinum rose 0.5% and palladium was little changed. The Bloomberg Dollar Spot Index fell 0.1%.
Edited 24 Nov 2020, 14:48
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.