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Gold takes a knock amid exodus from ETFs, progress on Covid vaccines

Since hitting a record in August, bullion's rally has stalled amid uncertainty over further stimulus measures and optimism over an effective vaccine, even as the virus continues to spread

Photo: Reuters
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Spot gold traded 0.5 per cent lower at $1,863.03 an ounce at 7:10 am in London, and has ticked down every day this week | Photo: Reuters

Ranjeetha Pakiam | Bloomberg Singapore
Gold dropped for a fourth day as investors weighed positive vaccine developments and a steady drawdown in bullion-backed exchange-traded funds against mounting restrictions to curb a jump in coronavirus cases.

Pfizer said that a final analysis of clinical-trial data showed its Covid-19 shot was 95 per cent effective, paving the way for the company to apply for US regulatory authorisation.

Still, the resurgence of infections is a cause for concern, with New York City shutting schools, Poland seeing record daily deaths, and Italy’s fatalities rising by the most in seven months.

Since hitting a record in August, bullion’s rally has

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First Published: Nov 19 2020 | 11:57 PM IST

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