Gold Futures Settle Notably Higher After Recent Steep Fall

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Gold futures ended notably higher on Tuesday as prices rebounded after recording their biggest single session decline in seven years a day earlier.

The dollar index, which dropped to 92.60 in the Asian session, rose to 92.97 fairly swiftly, but retreated again as the session progressed. It was last seen hovering around 92.70, down slightly from previous close.

Gold futures for December ended higher by $22.00 at $1,876.40 an ounce, after hitting a high of $1,888.90.

Silver futures for December ended up $0.761 at $24.462 an ounce, while Copper futures for December settled at $3.1555 per pound, down $0.005 from previous close.

Gold prices had plummeted on Monday after U.S. drug maker Pfizer and its German partner BioNTech announced positive early results from their coronavirus vaccine trial.

The results were based on the first interim efficacy analysis conducted on November 8, 2020 by an external, independent Data Monitoring Committee from the phase 3 clinical study. The Committee has not reported any serious safety concerns.

The material has been provided by InstaForex Company – www.instaforex.com

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