Gold Futures Drift Lower

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Despite a weak dollar, gold prices are lower Monday morning amid increased risk sentiment in the market thanks to positive updates on the coronavirus front.

Renewed optimism about stimulus measures is weighing on the dollar. The dollar index is down nearly 0.5% at 90.55.

Gold futures for February are down $15.50 or 0.84% at 1,828.10 an ounce, after falling to a low of $1,820.00 earlier.

Silver futures for March are down $0.147 or 0.6% at $23.945 an ounce, while Copper futures for March are gaining $0.0103 or about 0.3% at $3.5383 per pound.

Besides reacting to news about Covid-19 vaccines, investors are also looking ahead to the upcoming monetary policy meeting of the Federal Reserve. The Fed’s two-day monetary policy meeting stars on December 15.

According to reports, the United States is likely to start Covid-19 vaccinations on Monday after Robert Redfield, the director of the Centers for Disease Control and Prevention or CDC, gave the approval for Pfizer- BioNTech’s COVID-19 vaccine.

The CDC Director accepted the recommendation by CDC’s Advisory Committee on Immunization Practices or ACIP for vaccination with Pfizer-BioNTech COVID-19 vaccine in people 16 years of age and older. The recommendation follows the Emergency Use Authorization or EUA issued by the U.S. Food and Drug Administration for the vaccine on last Friday.

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

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