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Gold fell on Wednesday, November 25, with the start of the official transition process for Joe Biden to the White House and optimism about vaccines for the Coronavirus, which reduces the appeal of gold as a safe haven.
Gold spot fell 0.1% to 1805 dollars an ounce by 06:48 GMT. On Tuesday, the metal fell to its lowest level since July 17 at $ 1800.01. US gold futures fell 0.1% to $ 1802.80.
Global stocks rose to record levels after US President Donald Trump gave the green light to start the transfer of power to Biden and the race to produce a vaccine for Covid-19 accelerated.
Lower interest rates reduce the opportunity cost of holding onto no-return gold. Gold has risen more than 18% this year thanks to its position as a hedge against inflation, which has been stimulated by the launch of massive financial stimulus programs globally.
