Gold Down on Vaccine Anticipation

 

Gold was down on Tuesday morning in Asia as more vaccine good news arrives and U.S. business activity rises at the quickest rate in five years. The U.S. dollar and risk-on activity are drawing investor interest away from the safe-haven metal.

 
Gold futures were down 0.90% at $1,821.25 by 12:56 AM ET (4:56 AM GMT).
 
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Oil hits highest since March collapse on vaccine, Biden transition
 
Oil hit its highest since in March on Tuesday, rising towards $47 a barrel, as a third promising coronavirus vaccine spurred demand recovery hopes and U.S. President-elect Joe Biden received the go-ahead to begin his transition.
 
AstraZeneca (NASDAQ:AZN) said on Monday its COVID-19 shot was 70% effective in trials and could be up to 90% effective, giving the fight against the pandemic a third vaccine. This follows positive results from Pfizer/BioNTech and Moderna (NASDAQ:MRNA).
 
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Dollar Weakens as Biden's Transition Becomes Clearer

 

The dollar saw selling in early European trade Tuesday, as clarity over the U.S. political transition emerged and the tapping of Janet Yellen to be the next Treasury Secretary strengthened expectations of an expansive fiscal policy under President-elect Joe Biden.

 
At 3:15 AM ET (0815 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, was down 0.3% at 92.252, after seeing its lowest level since Sep. 1 overnight.
 
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Gold Stronger On Weaker Dollar And Surging Coronavirus Cases

 

Gold was seen to steady itself near a one-week high on November 16, 2020, as the US dollar weakened. Also, fears over mounting COVID-19 cases have offset a risk rally that is driven by optimism over a Pfizer vaccine.

 
Spot gold was little changed trading at $1,889.01 per ounce by 0743 GMT. The precious metal had hit its highest level since November 9 trading at $1,898.81. On their part, the US gold futures were flat hovering around $1,886.70.
 
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Oil Prices Leap Higher On Fresh Vaccine Hopes

 

Oil prices jumped by 4 percent early on Monday, bolstered by another potential vaccine breakthrough, as well as bullish economic data from China.

 

As of 9:14 a.m. ET on Monday, WTI Crude was up 4.46 percent at $41.92 and Brent Crude was trading up 3.95 percent at $44.48.

 

Dollar Weakens; Risk Sentiment Helped by Strong Data
 
The dollar weakened in early European trade Monday, with positive economic data out of Asia increasing optimism of a global recovery even given the continuing rise of new Covid-19 cases.
 
At 3:55 AM ET (0755 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, was down 0.2% at 92.597. EUR/USD climbed 0.1% to 1.1848, USD/JPY fell 0.1% to 104.53, while the risk sensitive AUD/USD rose 0.3% to 0.7287.
 
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Gold Up on U.S. Stimulus Hopes and COVID-19 Fears
Gold was up on Wednesday morning in Asia, paring back losses from the previous session. U.S. COVID-19 stimulus hopes weakened the greenback and ever-rising coronavirus cases also pushed the market up.
 
Gold futures inched up 0.03% at $1,877 by 12:09 AM ET (4:09 AM GMT).
 
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Crude Oil Prices Leap Again, Shrugging off OPEC Gloom

 

 
Crude oil prices hit a two-month high on Wednesday before retreating as the Organization of Petroleum Exporting Countries cut its forecasts for global demand for a fifth straight month.
 
By 9 AM ET (1400 GMT), U.S. crude futures were up 3.0% at $42.59 a barrel, having earlier hit a high of $43.05 – the first time it’s been that high since early September. The international benchmark Brent futures contract was up 2.9% at $44.84 a barrel.
 
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Dollar Edges Higher; Veterans Day Limits Volumes
The dollar edged higher in early European trade Wednesday in thin volumes, as traders continued to digest the implications of Pfizer’s potential Covid-19 vaccine.
 
At 2:55 AM ET (0755 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, was up just 0.04% at 92.775.
 
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Gold Rises as Investors Hedge
 
Gold was up slightly on Monday morning in Asia despite a stronger dollar. Investors are wary of a possible contested U.S. election, and further European COVID-19 lockdowns are also pushing the safe-haven metal.
 
Gold futures inched up 0.03% at $1,880.40 by 12:47 AM ET (4:47 AM GMT)
 
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