Gold prices slip amid fresh COVID-19 vaccine hopes, continued stimulus in Europe

17.07.2020 - Petr Mazaylo
Gold prices slip amid fresh COVID-19 vaccine hopes, continued stimulus in Europe

Gold prices traded lower in Asia on Friday morning amid hopes for COVID-19 vaccines from the U.S. and U.K. bolstered investor appetite. Sentiment was further boosted with the European Central Bank (ECB) signaling that it may leave interest rates and stimulus unchanged in the near future.

Gold futures slipped by 0.12% to $1,798.15 per ounce at 10:34 PM ET (3:34 AM GMT), falling slightly below the $1,800 mark.

European Central Bank President Christine Lagarde said during the ECB Governing Council meeting on Thursday that the central bank saw the current fiscal stimulus in Europe to remain necessary in the near future.

Meanwhile, U.S. biotech firm Moderna reported positive results earlier this week from early stage trials for its COVID-19 vaccine, which developed neutralizing antibodies in the bloodstream of all participants.

In the U.K., scientists have also developed a potential breakthrough for a COVID-19 vaccine that is being developed by researchers at Oxford University. The preliminary tests involved 5,000 volunteers and is currently underway in Brazil. Meanwhile, pharmaceutical company AstraZeneca has also agreed to have the vaccine mass-produced.

Risk disclaimer "PROMETHEUS LTD – Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Republic of the Marshall Islands MH96960 is a financial services institution outside the European Union Area, which is subject to the supervision of the IFMRRC Certificate 0395 AA V0155 Trading in Forex/ CFDs and Other Derivatives is highly speculative and carries a high level of risk. It is possible to lose all your capital. 70% of trading deals can be unprofitable. These products may not be suitable for everyone and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. This Website may contain information in particular regarding financial services and products that could be regarded b a E.U. supervisory authority as an offer of financial services targeted in Europe. ESMA intervention measures do not apply to customers of PROMETHEUS LTD and it is your responsibility to choose a company which is most suitable for your trading needs. By clicking continue you confirm that you have read, understood and agree to the risk disclosures, terms of service, cash policies, privacy policies and this notice and that you are visiting this website on your own initiative, without any encouragement whatsoever from or PROMETHEUS LTD." Cookies notification: We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we assume that you are happy with it. Read more. Continue

Help with deposit?