Gold falls as Biden begins transition and vaccine hope increase

Gold falls as Biden begins transition and vaccine hope increase

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According to Lachlan Shaw, Head of commodity research National Australia Bank, "we are moving into a new phase in gold as vaccine developments are changing the regime of pandemic-caused disruptions and headwinds to growth that gold markets were pricing in."

US President-elect Joe Biden has begun the transition into the White House following Trump's instruction for him to start receiving daily intelligence briefings.

Edward Meir, ED&F Man Capital Markets analyst said the move from gold to riskier assets by investors could last longer, it is essential for the metal to find support near $1,750- $1,770.