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Reuters
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The price of gold fell today and is on track to record the worst monthly performance in 4 years, as optimism about an economic recovery driven by the success of the Corona vaccine prompted investors to buy gold. traditional high-risk assets.
In spot trades, gold fell about 1% to $ 1,771.22 an ounce, as of 4:52 a.m. GMT, down 5.7% since the start of this month, the biggest drop since November 2016 .
As US gold futures fell 0.7% to $ 1,775 an ounce.
“The optimism over the vaccine for an economic recovery is effectively undermining the attractiveness of investing in safe-haven stocks like gold,” said Michael McCarthy, chief strategist at CMC Markets, adding that the drop in the price of the metal yellow below $ 1800 is another selling incentive.
Sentiment was also boosted as data showed factory activities in China grew at the fastest rate in more than three years in November.
Investors are now awaiting testimony from Jerome Powell, the governor of the US Federal Reserve, before Congress.
As for other precious metals, silver fell 2.9% to $ 22.03 an ounce, platinum fell 0.5% to $ 959.13 an ounce and palladium fell 0, 2% at $ 2,420.36 per ounce.
Source: Reuters
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