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Gold Rises After Coronavirus Fears Outweighed Optimism About Vaccine

Adel 12 November, 2020 3:03 pm Commodities, Market Update

Gold prices rose Thursday, November 12th, after falling by more than 1% in the previous session, after the impact of fears of the economic repercussions of the increase in cases of Covid-19 outweighed positive developments regarding a vaccine for the disease.

By 05:49 GMT, spot gold prices rose 0.2% to $ 1868.81 an ounce, while US gold futures rose 0.3% to $ 1866.30 an ounce.

Gold fell 4.2% this week after encouraging news on Monday regarding the last-phase trials of a vaccine developed by the US pharmaceutical company Pfizer and its German partner, Biontech.

As for the other precious metals, silver fell 0.3% to $ 24.18 an ounce. Platinum rose 0.2% to $ 866.64 an ounce, while palladium rose 1.7% to $ 2,353.38 an ounce.

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