Gold Dropping on Vaccine Hopes And Smooth Transition in The White House

Gold continued to decline to its lowest level in four months Tuesday, November 24, as investors appealed to high-risk assets after the pharmaceutical company, AstraZeneca, ignited the race for a Coronavirus vaccine and a US federal agency approved the start of procedures for the presidential transition in the United States to Joe Biden.

Gold was down 0.5% to $ 1825.99 an ounce by 05:45 GMT. It had fallen earlier to the lowest level since July 21 at $ 1820.45. It had lost up to 2.2% on Monday.

Asian stocks rose after AstraZeneca said yesterday that the effectiveness of its vaccine to prevent COVID-19 could reach 90%. The risk appetite was boosted by President-elect Joe Biden’s approval of the General Services Administration for presidential transfers.

Silver fell 0.7% to $ 23.40 an ounce, platinum rose 0.9% to $ 934.17, while palladium fell 0.8% to $ 2337.01.