Gold Dropping From a Two-Week High as Stocks Rise on Vaccine

Gold prices retreated from a two-week peak on Wednesday, December 9, as encouraging developments for the Coronavirus vaccine prompted investors to buy high-risk stocks as global stocks rose to record levels.

Gold fell in the spot market 0.7% to $ 1858.80 an ounce, after hitting the highest level since November 23 at $ 1875.07 on Tuesday, while gold in futures contracts in the United States lost 0.6% to $ 1864.

Global stocks rose today, Wednesday, after Britain began a campaign to vaccinate its citizens against the virus, while Johnson & Johnson announced that it would reach the results of advanced tests of the vaccine earlier than expected.

Investors are also looking to the US Federal Reserve’s policy meeting scheduled for two days next week for indications on the direction monetary policy is likely to take.

Regarding the other precious metals, silver fell 1.1% to $ 24.28, while platinum rose 0.4% to $ 1026.36, and palladium lost 0.1% to $ 2,307.09.