Gold Dropping as Risk Appetite Increases

Gold prices fell as the appetite for risk improved after the US Drug Administration approved the use of blood plasma for people recovering from Covid-19 disease as a treatment option, while the dollar rose.

With the closure of the Tokyo Stock Exchange, the spot price of gold was down 0.4% to 1932.48 dollars an ounce, after hitting its lowest level in a week at 1910.99 dollars on Friday. US gold futures fell 0.2% to $ 1942.60.

“The positive news related to the virus is putting some pressure on the sentiment at the moment as stocks and other high-risk assets helped to rise today,” said Stephen Ince, chief market strategist at AxiCorp Financial Services, adding that gold pauses for breathtaking ahead of the Fed chairman’s speech. At a Jackson Hole meeting.

Silver fell 1.6% to 26.26 dollars an ounce, platinum fell 0.5% to 913.61 dollars, and palladium fell 1.1% to 2158.65 dollars an ounce.