Gold is dropping due to Corona vaccine hopes and a smooth transition in the White House

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Cairo – By Mohamed Salah – Gold continued to decline to its lowest level in four months today, Tuesday, with investors’ appetite for high-risk assets after the pharmaceutical company AstraZeneca sparked a race for the Coronavirus vaccine and a US federal agency approved the start of procedures for the presidential transition in the United States to Joe Biden.

Gold fell 0.5 percent to $ 1825.99 an ounce. It had fallen earlier to the lowest level since July 21 at $ 1820.45. It had lost up to 2.2 percent on Monday.

Asian stocks rose after AstraZeneca said yesterday that the effectiveness of its vaccine to prevent Covid-19 could reach 90 percent.

The risk appetite was boosted by President-elect Joe Biden’s approval of the General Services Administration for presidential transfers.

“The fact that there will be a smoother transition of power between President-elect Biden and Trump is another reason to believe that the risk factors surrounding the recovery we are currently witnessing are reduced by at least one factor,” said Kyle Roda, an analyst at ING Markets.

Silver fell 0.7 percent to $ 23.40 an ounce, platinum rose 0.9 percent to $ 934.17, while palladium fell 0.8 percent to $ 2337.01.

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