Gold prices declined sharply on Friday with improved risk sentiment reducing the commodity’s safe-haven appeal.
Optimism about coronavirus vaccines and news about Joe Biden’s transition to the White House lifted sentiment and drove up stock prices in recent sessions, prompting investors to move away a bit from the safe-haven asset.
A weak dollar limited gold’s slide. The dollar index, which drifted down to a low of 91.76, was last seen at 91.82, down 0.19% from previous close.
The most active Gold futures for February contract ended down $23.10 or about 1.3% at $1,788.10 an ounce today. Gold futures shed about 4.5% in the week, the sharpest weekly decline in two months.
Silver futures for March ended lower by $0.807 at $22.639 an ounce, while Copper futures for March settled at $3.4175 per pound, gaining $0.0870.
AstraZeneca Plc and the University of Oxford are facing questions about their Covid-19 vaccine trial results after acknowledging a manufacturing error.
The U.K. drug maker said that further research is needed but it didn’t expect the additional trial to delay U.K. and European regulatory approvals.
The British government said it has asked the regulator to assess the Oxford/AstraZeneca vaccine to understand the data and determine whether it meets rigorous safety standards.
The material has been provided by InstaForex Company – www.instaforex.com