Gold Down on Positive Vaccine News
Gold was seen down Thursday morning in Asia as Pfizer announced their vaccine safe to go for approval to the US Food and Drug Administration (FDA), with emergency approval possible within a few days.
"(Vaccines) seem to be progressing quickly and there are several others also in the pipeline ... that should help the global economy recovery and be net bearish for gold. But in the meantime, the fact that we're not out of the woods yet and need more stimulus seems to be offering some support», ED&F Man Capital Markets analyst - Edward Meir, commented.
As a result, gold futures were seen down 0.44% to $1,865.65 by 4:21 AM GMT, while dollar gained strength on the potential solution to the world’s pandemic situation.
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