Gold Falls as Vaccine Hopes Outweigh The Weak Dollar

Gold prices fell on Tuesday, November 17th, as market optimism about a possible second vaccine for Covid-19 balanced the dollar’s weakness and concerns about a rise in global coronavirus cases.

Spot gold fell 0.1% to $ 1886.17 an ounce by 06:23 GMT, while US gold futures fell 0.2% to $ 1884.50. The yellow metal was supported by a 0.1% decline in the dollar index.

Gold fell 1.3% after Moderna said its vaccine was 94.5% effective in preventing Covid-19 based on provisional data from a clinical trial, becoming the second US pharmaceutical company after Pfizer to announce results that exceeded expectations.

As for the other precious metals, silver fell 0.7% to $ 24.58 an ounce. Platinum fell 0.4% to $ 921.49, while palladium fell 1.1% to $ 2,308.11.