Gold drops to 4-month low on Covid vaccine hope, signs of economic recovery

Gold prices have posted two straight weekly declines and hol­dings in exchange-traded funds backed by the metal have slipped as hopes for a virus vaccine buo­yed markets

Gold fell to a four-month low as growing optimism over a coronavirus vaccine and signs of a increasing momentum in US economic growth stifled demand for the metal as a haven.

Bullion extended last week’s loss after AstraZeneca said its vaccine prevented most people from developing Covid-19, marking an­other promising development in the quest to end the pandemic US business activity powered ahead in November at the fastest pace since March 2015, IHS Markit figures Monday showed. The dollar erased losses after the report.

Gold prices have posted two straight weekly declines and hol­dings in exchange-traded funds backed by the metal have