Gold Prices Fall for Second Day in Row

Gold prices continued to make big losses on Tuesday, for the second consecutive session, amid improved risk appetite and aversion from safe havens, on the back of positive news about Coronavirus vaccines.

In addition, an expected smooth transition in the US administration from the incumbent president to the president-elect helped reduce political uncertainty.

Gold futures for December delivery dropped by $33.20, or 1.8%, to close at $1,804.60 per ounce.

This is the lowest closing level for the yellow metal active contracts since around mid-July.

Furthermore, the decline of gold prices comes despite the US Dollar (USD) falling across the board after recent economic data.