Gold at Its Lowest Level in a Week as Hopes For a Faster Economic Recovery Increase

Gold fell to its lowest level in a week on Thursday, November 19, as the encouraging developments related to Covid-19 vaccines boosted hopes for a faster recovery of the global economy, despite the continued increase in cases of Coronavirus.

By 07:59 GMT, spot gold prices fell 0.4% to $ 1863.12 an ounce, after hitting the lowest level since November 11 earlier in the session at $ 1857.16 an ounce, putting it on a path of losing losses for the second consecutive week. . US gold futures fell 0.6% to $ 1862.30 an ounce.

The US Secretary of Health and Human Services Alex Azar said yesterday, Wednesday, that the two Covid-19 vaccines from Pfizer and Moderna may be ready to obtain a license for use in the United States within two weeks, paving the way to start vaccination before the end of this year.

Gold was also affected by the 0.2% rise in the dollar index.

As for the other precious metals, silver fell 1% to $ 24.08 an ounce. Platinum fell 0.6% to 936.54 dollars an ounce. Palladium fell 0.4% to $ 2319.10 an ounce.