Gold prices fell by about $ 37 during trading yesterday, with the decline in demand for safe havens in light of optimism about developing vaccines for the “Covid 19” virus.
Investors have high hopes for the recently announced vaccines by three companies to confront the epidemic and the transmission of infection. The price of futures contracts for the precious metal for February delivery fell by more than 1.4%, or the equivalent of 26 dollars, to 1785.30 dollars an ounce, and gold is heading to record its largest weekly loss in two months.
Where it declined 3% during the past week, and will be the third consecutive weekly decline. The price of immediate delivery of gold decreased by more than 2%, or $ 37, to $ 1778.85 an ounce, and silver contracts for March delivery fell by more than 3.9% to $ 22.55 an ounce.
The spot price of platinum fell by more than 1.7%, or $ 17, to $ 948.91 an ounce, and the spot price of palladium fell 1.2%, or $ 29, to $ 2360.32 an ounce. The dollar index, which measures the performance of the greenback against a basket of six major currencies, declined by more than 0.1% to 91.867 points.
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