Gold prices are heading towards recording a decline for the second week

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Gold prices are heading towards recording a decline for the second week

Reuters

Gold prices are heading towards recording a decline for the second week

Gold prices are heading today to record a decline for the second week in a row, as the metal’s appeal is under pressure from promising virus vaccine experiments and news that the US Treasury is ending emergency loan programs.

Spot gold fell 0.1 percent to $ 1866.28 an ounce, by 06:11 GMT, and fell 1.1 percent for the week.

While US gold futures rose 0.3 percent to $ 1867.90 an ounce.

And gold, which is considered a hedge in the face of inflation and a depressed currency, has gained 23 percent since the beginning of the year, mainly benefiting from unprecedented stimulus measures that were unveiled to mitigate the impact of the pandemic.

Meanwhile, data showed that the vaccine that AstraZeneca and the University of Oxford are working on produced has achieved a strong immune response in the elderly, which alleviates some of the fears that have been fueled by the escalation of the pandemic.

Source: “Reuters”

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