Gold Futures Snap 3-day Winning Run, Settle Modestly Lower

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Gold futures ended lower after a choppy ride on Tuesday, snapping a three-day winning streak.

However, the yellow metal’s downside was just marginal, as equities fell amid worries about rising coronavirus cases, and the dollar weakened against most of its peers.

The dollar index, which dropped to 92.27 earlier in the day, was last seen hovering around 92.45, down 0.21% from previous close.

Gold futures for December ended down $2.70 or about 0.1% at $1,885.10 an ounce.

Silver futures for December closed lower by $0.151 at $24.651 an ounce, while Copper futures for December settled at $3.1980 per pound, down $0.0240 from Monday’s close.

Despite optimism about Covid-19 vaccines, worries about growth continued to weigh due to spikes in coronavirus cases in the U.S., Europe and several other countries across the world.

WHO chief Tedros Adhanon Ghebrayesus hailed the “encouraging news” about Covid-19 vaccines, but stressed that complacency was not an option as cases in many counties continue to surge.

After Pfizer reported last week that the phase 3 trial of its coronavirus vaccine proved it to be more than 90% effective in preventing the infection, Moderna announced on Monday that its vaccine was 94.5% effective.

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