Gold is declining today, Friday, November 27, 2020 and is heading to record the third consecutive weekly loss, as it balances all investors between many doubts that are related to the Coronavirus vaccine, and also tops all the nominations for optimism and that the vaccines will arrive soon and this is expected.
The collapse of gold prices for the third week in a row and the trend of losing
It is also worth noting that the yellow metal retreated during immediate trading from 0.1% to $ 1809.40 per ounce, for the weekly decline of 3.2%, and US gold futures increased between 0.1% to $ 1807.
Asian stocks faltered a lot from reaching record highs, and this after “AstraZeneca”, faced many difficult questions about the success of the vaccine, which is standing in front of the speed of obtaining the approvals of the United States and the European Union.
IG Markets analyst Kyle Roda assured that as far as the markets are concerned, he does not think this changes the perception and that there will be a vaccine sooner than expected, and also that investors want to buy on the basis of the economic recovery, which will gain great momentum in 2021, and this is what drives them. To liquefy their possession of the yellow metal.
This is what limits the decline in precious metal prices and the fall of the dollar and is with improved risk appetite, and this is against the background of all the positive news regarding Covid 19 vaccines, and the ambitions for a smooth transition to the administration of Joe Biden in America.
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