Sun, 24 Jan 2021

Gold down amid vaccine news

28 Nov 2020, 05:51 GMT+10

CHICAGO, Nov. 27 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange fell on Friday as the market digested COVID-19 vaccine news.

The most active gold contract for February delivery fell 23.1 U.S. dollars, or 1.28 percent, to close at 1,788.1 dollars per ounce.

The U.S. Dollar Index fell, which would normally be supportive to gold. But market analysts believe it had no impact on the precious metal as investors have been using the U.S. dollar as a safe haven similar to gold during the COVID-19 pandemic.

Gold shed 4.5 percent in the week, marking the sharpest for gold futures since the week ended Sept. 25.

Silver for March delivery fell 80.7 cents, or 3.44 percent, to close at 22.639 dollars per ounce. Platinum for January delivery fell 5 dollars, or 0.52 percent, to close at 964.8 dollars per ounce.

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