Wednesday, November 11, 2020

Prices Still Low, Many Have Already Wholesale Gold?

 Gold-plated metals traded flat on Wednesday's trading session amid rising sentiment supported by positive developments on the Covid-19 vaccine by Pfizer.

The gold spot declined slightly at the opening of the European session trading around $ 1,878 per ounce, while gold futures traded at $ 1,875 per ounce (3.15pm Malaysian time).

The yellow metal previously suffered a significant drop after being shocked by reports of the Pfizer vaccine showing more than 90% effectiveness in its final phase clinical trials.

Hopes for a vaccine before the end of the year are also brightening after Dr Anthony Fauci said it may be available as soon as possible in December after receiving approval from the U.S. Food and Drug Administration (FDA) later this month.

Meanwhile, US Federal Reserve (Fed) policymakers on Tuesday expressed concern over the continued escalation of the Covid-19 case that would slow economic growth and called for more government assistance to be implemented.

This statement has indirectly supported the price of gold in the Asian session before registering a decline at the beginning of the European session.