You are here: Home » International » News » Markets
Business Standard

Gold flat as concerns over rising virus cases offset vaccine optimism

Gold prices were little changed on Tuesday, as concerns over spiking U.S. coronavirus cases offset pressure from vaccine optimism brought about by a positive vaccine trial data.

Topics
Gold Prices | Gold

Reuters 

Photo: Reuters
Photo: Reuters

(Reuters) - prices were little changed on Tuesday, as concerns over spiking U.S. coronavirus cases offset pressure from vaccine optimism brought about by a positive vaccine trial data.

 

FUNDAMENTALS

* Spot was unchanged at $1,887.99 per ounce by 0050 GMT, while U.S. futures were up 0.1% at $1,888.70.

* Bullion dropped as much as 1.3% on Monday after drugmaker Moderna said its experimental vaccine was 94.5% effective in preventing COVID-19 based on interim data from a late-stage trial.

* President-elect Joe Biden on Monday called on Congress to come together and pass a new coronavirus relief package.

* Forty U.S. states have reported record increases in COVID-19 cases in November, while 20 have seen a record rise in deaths and 26 reported record hospitalizations, according to a Reuters tally of public health data.

* Successful tests of two coronavirus vaccine candidates have increased the chance of a faster than expected U.S. economic recovery, Federal Reserve Vice Chair Richard Clarida said on Monday.

* The euro zone is facing a drawn-out recovery from a deep recession and needs more support from both the European Central Bank and governments, several policymakers said on Monday.

* Asian stocks opened firmer after the S&P 500 and Dow Jones indexes hit record highs on news of another promising coronavirus vaccine. [MKTS/GLOB]

* Speculators cut their net long position by 10,995 contracts to 110,957 on COMEX gold in week to Nov. 10, he U.S. Commodity Futures Trading Commission (CFTC) said on Monday.

* Silver fell 0.1% to $24.74 per ounce. Platinum was flat at 925.50, while palladium fell 0.4% to $2,323.30.

 

(Reporting by Eileen Soreng in Bengaluru; Editing by Rashmi Aich)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Tue, November 17 2020. 08:24 IST
RECOMMENDED FOR YOU
.