Gold slumps as vaccine development make a headway

SourceGulf Today
SectorFinancial Markets

Picture used for illustrative purpose. File Gulf Today Report  Gold prices fell on Thursday as the dollar remains steady and headway in the development of COVID-19 vaccine outweighs the worries over virus cases soaring and the prospect of a large stimulus. Spot gold fell 0.21 % to $1,867.43 per ounce by 418 GMT, while US gold futures were down 0.4% at $1,866.60. After slumping for five straight sessions, the dollar index rose by 0.2%, making gold expensive for holders of other currencies. According to Ilya Spivak, DailyFx currency, a fiscal stimulus is what gold needs to advance, however, it may have a limiting factor that would lead to an increase in yields.  READ MORE more...