Gold Heading For a Weekly Decline as Investors Focus on Vaccine Headlines

Gold fell on Friday and is heading to record its third consecutive weekly loss, as investors balance doubts about a Covid-19 vaccine that tops the nominations and optimism that the vaccines will arrive sooner than expected.

Gold fell in immediate trading 0.1% to $ 1809.40 an ounce, with a weekly decline of 3.2%. US gold futures rose 0.1% to $ 1,807.

Asian stocks tumbled from record highs after AstraZeneca faced tough questions about the success of its vaccine, which could hamper its speed in obtaining approvals from the United States and the European Union.

To limit the decline in gold, the dollar fell as risk appetite improved on the positive news about Covid-19 vaccines and hopes for a smoother transition to the Joe Biden administration in the United States.

Among the other precious metals, silver fell 1% to $ 23.22 an ounce. Platinum fell 1.3% to $ 949.5, and palladium rose 0.4% to $ 2,391.7.