Gold prices were mixed in lackluster trade on Wednesday as retail trading euphoria showed signs of fatigue and the rollout of vaccines in many countries gathered pace.
Spot gold slid 0.2 percent to $1,834.81 per ounce, while U.S. gold futures were up 0.2 percent at 1,836.15.
The social media-driven rally that started last week appears to have run out of steam after silver plunged more than 8 percent in the previous session on the heels of the Chicago Mercantile Exchange lifting margin requirements, in a move aimed at reducing market volatility.
U.S. Treasury Secretary Janet Yellen has summoned financial regulators to discuss the recent market volatility.
Equities are seeing renewed buying amid optimism that increased government spending around the world and concerted efforts to accelerate vaccine rollout will boost global growth.
The U.S. Senate took steps on Tuesday to open the door for Democrats to push through the Covid-19 rescue package on their own, but bipartisanship was absent.
The rollout of vaccines in many countries is gathering pace, with Russia announcing it would be able to vaccinate 700 million people with the Sputnik V coronavirus jab this year.
Mexico plans to import about 870,000 doses of AstraZeneca’s Covid-19 vaccine from India in February. Elsewhere, White House Covid coordinator Jeff Zients said that 6,500 pharmacies will receive 1 million doses starting next week.
The material has been provided by InstaForex Company – www.instaforex.com