Market optimism over the positive development of the coronavirus vaccine continues to push investors to release safe-haven metal holdings, causing gold to now head for three consecutive weeks today.
Entering the European session, gold traded at $ 1,807 per ounce after falling more than 3% this week, while gold futures were stable at $ 1,805 per ounce (3.30pm Malaysian time).
The precious metal previously signaled an increase but failed to maintain momentum to rise and continued to hover around the support price level of $ 1,800 per ounce ahead of the weekend trading.
With the transfer of power between the presidents of the United States president Joe Biden and Donald Trump now running smoothly, it has eased some of the uncertainty that had previously driven demand for safe-haven assets.
Nevertheless, the expectation that more stimulus measures will be implemented to support the economy while the Covid-19 vaccine is not yet available to all, has helped limit the decline in gold.
