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.