Pressured Positive News related to Vaccines, Gold Prices Fall

NEW YORK, KOMPAS.com – Gold price weakened at the end of trading Wednesday (11/18/2020) local time or Thursday morning when Indonesia recorded a decline for the second day in a row.

Gold prices are pressured by optimism about a successful Pfizer vaccine trial to counter concerns over rising Coronavirus infections and speculation of further economic support.

Contract gold price The most active for December delivery on the COMEX division of the New York Exchange fell 11.2 dollars, or 0.59 percent, to close at 1,873.90 dollars an ounce.

Also read: Erick Thohir Assigned to Prepare Paid Covid-19 Vaccines for 75 Million People

The price of gold futures was cut by 2.7 US dollars or 0.14 percent to 1,885.10 US dollars on Tuesday (17/11/2020), after rising 1.6 US dollars or 0.08 percent to 1,887.80 US dollars each. Monday (11/16/2020), and surged 12.90 US dollars or 0.69 percent to 1,886.20 US dollars on Friday (13/11/2020).

“Vaccine launches dampen gold’s appeal as a safe haven. (Although) still within a trading range, the big bulls in gold prices look set to end for now,” said ED&F Man Capital Markets analyst Edward Meir. / 11/2020).

US drugmaker Pfizer Inc said it would apply for US emergency clearance after final results from its vaccine trial showed a 95 percent success rate with two months of safety data.

“(Vaccines) appear to be developing fast and there are several others also in the process that will help the global economic recovery, however bearish for gold, “said Meir.

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