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Gold prices fell on Tuesday to hover near four-month low as positive developments over coronavirus vaccine trials and data signaling further signs of recovery in the world’s largest economy drove investors away from the safe-haven metal and towards riskier assets.

News that Joe Biden’s administration can formally begin its transition to power after President Trump, a possible easing of lockdowns in France, and media reports suggesting that Biden would pick former Federal Reserve Chair Janet Yellen to be the next Treasury secretary also helped underpin demand for riskier assets.

Spot gold declined 0.8 percent to $1,822.80 per ounce, after having fallen by as much as 2 percent earlier in the day. U.S. gold futures were also down 0.8 percent at $1,822.40.


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