Gold slumps as investors remain hopeful for a vaccine
- 27 Nov 2020
Picture used for illustrative purpose. File
Gulf Today Report
Gold fell on Friday a third straight weekly drop due to investors overlooking doubts for COVID-19 vaccine.
Spot gold fell 0.1% to $1,809.40 per ounce by 05:46 GMT, down 3.2% on the week. US gold futures rose 0.1% to $1,807.00.
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According to Kyle Rodda, IG Markets analyst said, investors are starting to believe that the economy will likely recover in 2021, hence, liquidating gold.
Gold is stuck between $1,800-$1,820 per ounce.
However, the long-term trajectory is certain as it remains a shield against inflation and currency debasement.
