Gold is Moving in a Limited Range Amid Vaccine Hopes And an Increase in Corona Cases

Gold rose on Wednesday, November 18th, moving within a narrow range, as investors assess the possibilities associated with the Covid-19 vaccine in the face of concerns about increasing cases of infection and the possibility of more economic support from the US Federal Reserve.

Spot gold rose 0.1% to $ 1880.81 an ounce by 07:07 GMT, while US gold futures fell 0.4% to $ 1878.3.

Gold fell as much as 1.3% on Monday after Moderna said its vaccine was 94.5% effective in an advanced stage of testing.

US Federal Reserve Chairman Jerome Powell said that the economy has a “long way to go” in order to recover and that the central bank pledges to use all its tools to support the recovery.

Meanwhile, data showed that retail sales in the United States increased less-than-expected in October.

And gold, which is considered a hedge against inflation and currency fluctuations, has gained more than 24% this year, as it has benefited mainly from the huge global stimulus. Silver rose 0.1% to $ 24.48 an ounce, and palladium rose 0.3% to $ 2323.74. Platinum rose 0.6% to $ 930.4.