Gold Trading Lower As Positive Vaccine Trial Convinces Inves COMMODITIES: Gold Trading Lower As Positive Vaccine Trial Convinces Investors to Add Risk
09:09 AM EDT, 07/15/2020 (MT Newswires) -- Gold traded lower early on Wednesday even as the U.S. dollar fell as investors worldwide moved to add risk after positive early trials for a Covid-19 vaccine.
Gold Futures for August delivery was last seen down US$4.00 to US$1,809.40 per ounce in Comex electronic trade.
The drop came after drug-developer Moderna reported early safety trials of a potential Covid-19 vaccine showed it produced antibodies to fight the coronavirus in all patients tested.
Stock markets in Asia and Europe rose following the report, while futures indicate a higher open for U.S. exchanges.
"Risk appetites surged following news of a possibly successful coronavirus vaccine," Action Economics said in a note.
The U.S. dollar fell, making gold more affordable for international buyers. The ICE dollar index was last seen down 0.4 to 95.86 points, the lowest since March.
"Apparently the US currency is no longer profiting from the rising numbers of new corona infections in the US, which was strange enough in any case," Commerzbank analyst Carsten Fritsch said in a note.
Just re-checked - Gold Aug 2020
Last Updated: Jul 15, 2020 at 9:12 a.m. EDT
Delayed quote $1,809.50 (US) ; down $-3.90 -0.22%
Cheers to the patient investors