Gold Futures Settle At 2-week Low

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Gold prices drifted lower on Monday as traders looked to pick up riskier assets on hopes the rollout of coronavirus vaccines will help boost chances of a quick economic recovery.

The dollar’s weakness amid slight optimism over a potential fiscal stimulus failed to prevent the yellow metal’s decline.

The dollar index, which slid to 90.42, recovered to 90.80 in late morning trades, and was last seen at 90.70, down 0.32% from previous close.

Gold futures for February ended down $11.50 or about 0.6% at $1,832.10 an ounce, the lowest settlement since December 2.

Silver futures for March ended lower by $0.045 at $24.047 an ounce, while Copper futures for March settled at $3.5265 per pound, down $0.0015 from previous close.

According to reports, the United States has begun giving Covid-19 vaccine shots and vaccinations were rolling out across the country starting Monday, with hospitals prioritizing front-line health-care workers.

This follows the Centers for Disease Control and Prevention’s nod for Pfizer- BioNTech’s COVID-19 vaccine.

The CDC Director Robert Redfield 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.

Investors were also looking ahead to the upcoming monetary policy meeting of the U.S. Federal Reserve. The Fed’s two-day monetary policy meeting stars on December 15.

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