logo
Plus   Neg
Share
Email

Gold Futures Snap 3-Day Winning Streak, Settle Modestly Lower

Gold futures ended lower after a choppy ride on Tuesday, snapping a three-day winning streak.

However, the previous metal's downside was just marginal, as equities fell amid worries about rising coronavirus cases and the dollar weakened against most of its peers.

The dollar index, which dropped to 92.27 earlier in the day, was last seen hovering around 92.45, down 0.2% from the previous close.

Gold futures for December ended down $2.70 or about 0.1% at $1,885.10 an ounce.

Silver futures for December closed lower by $0.151 at $24.651 an ounce, while Copper futures for December settled at $3.1980 per pound, down $0.0240 from Monday's close.

Despite optimism about Covid-19 vaccines, worries about growth continued to weigh due to spikes in coronavirus cases in the U.S., Europe and several other countries around the world.

WHO chief Tedros Adhanon Ghebrayesus hailed the "encouraging news" about Covid-19 vaccines but stressed that complacency was not an option as cases in many counties continue to surge.

After Pfizer reported last week that the phase 3 trial of its coronavirus vaccine proved it to be more than 90% effective in preventing the infection, Moderna announced on Monday that its vaccine candidate was 94.5% effective.

For comments and feedback contact: editorial@rttnews.com

Market Analysis

Follow RTT