Gold slumps as investors remain hopeful for a vaccine - GulfToday

Gold slumps as investors remain hopeful for a vaccine

  • 27 Nov 2020
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Gulf Today Report

Gold fell on Friday a third straight weekly drop due to investors overlooking doubts for COVID-19 vaccine.

Spot gold fell 0.1% to $1,809.40 per ounce by 05:46 GMT, down 3.2% on the week. US gold futures rose 0.1% to $1,807.00. 

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According to Kyle Rodda, IG Markets analyst said, investors are starting to believe that the economy will likely recover in 2021, hence, liquidating gold.

Gold is stuck between $1,800-$1,820 per ounce.

However, the long-term trajectory is certain as it remains a shield against inflation and currency debasement.

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