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Biden transition, coronavirus vaccine hopes keep gold near four-month low

 Spot gold eased 0.2% to $1,803.51 per ounce by 0327 GMT. On Tuesday, it had hit its lowest level since July 17 at $1,800.01

Photo: Reuters

 

(Reuters) - Gold languished near a four-month low on Wednesday as appetite for riskier assets remained buoyed by the formal start of U.S. President-elect Joe Biden's transition to the White House and hopes a COVID-19 vaccine would be ready soon.

Spot gold eased 0.2% to $1,803.51 per ounce by 0327 GMT. On Tuesday, it had hit its lowest level since July 17 at $1,800.01. U.S. gold futures dipped 0.1% to $1,803.20. "We are moving into a new phase in gold as vaccine developments are changing the regime of pandemic-caused disruptions and headwinds to growth that gold markets were pricing in," said Lachlan Shaw, National Australia Bank's head of commodity research.

"If U.S. real long yields range trade around current levels, it's difficult to see gold breaking out and then sustaining a strong rally towards $1,900 and $2,000." U.S. President Donald Trump gave the go-ahead for Biden to start receiving daily intelligence briefings, a sign he has all but accepted the election result, after Pennsylvania certified Biden's victory in the battleground state...Read More

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