Gold prices to drop for second week

Gold prices are now heading lower for the second week in a row as the metal’s attractiveness comes under pressure from promising virus vaccine trials and news that the US Treasury Department is putting. end of emergency loan programs.

Spot gold fell 0.1% to $ 1,866.28 an ounce, at 6:11 am GMT, and fell 1.1% for the week.

While US gold futures rose 0.3% to $ 1,867.90 an ounce.

And gold, seen as a hedge against inflation and a depressed currency, has gained 23% year-to-date, mainly benefiting from unprecedented stimulus measures that were unveiled to mitigate the impact of the pandemic.

Meanwhile, data showed that the vaccine, which the company “AstraZeneca” and the University of “Oxford” are working on, elicited a strong immune response in the elderly, alleviating some of the fears that have been fueled by the escalating pandemic.

Source: “Reuters”

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