Sunday, November 27, 2022

Gold Nears June Lows as Vaccine News Jostles With Pandemic By Investing.com

-


© Reuters.

By Barani Krishnan

Investing.com – Gold prices came near to testing June lows hit nearly nearly two weeks ago as investors juxtaposed news of vaccine developments for Covid-19 and the relief those could bring with spiking virus cases around the country.

settled down $12.40, or 0.7% at $1,861.50. This was despite rival sliding into the negative territory late into the session — a dynamic that would have normally boosted gold prices. Earlier in the day, December gold fell to $1,850.45 — just a little shy of the five-month low of 1,848 hit on Nov. 9.

The , which reflects real-time trades in bullion, was down $5.53, or 0.3%, to $1,867.21 by 3:57 PM ET (20:57 GMT).

“Gold has softened towards the lower boundaries of its recent trading range and could be vulnerable of a break of the $1850 level if the dollar continues to rebound,” said Ed Moya, an analyst at New York’s OANDA.

“Gold’s weakness should be short-lived, but if bearish momentum persists, the $1,800 level should prove very attractive for long-term investors.”

The United States passed a grim milestone on the Covid-19 on Wednesday, with fatalities exceeding 250,000 while the case count breached 11.5 million. Health experts predict that the country could soon be reporting 2,000 deaths a day or more, matching or exceeding the spring peak, and that 100,000 to 200,000 more Americans could die in the coming months.

While fear over the raging pandemic should be good enough for investors to rush into safe-havens such as gold, the yellow metal’s bullish prospects have been blunted by a rash of news from drug companies such as Pfizer (NYSE:) and Moderna (NASDAQ:), that have reported 95% efficacy in their Covid-19 vaccines.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here

FOLLOW US

0FansLike
3,582FollowersFollow
0SubscribersSubscribe
spot_img

Related Stories