Gold slips as new vaccine bolsters investor sentiment

26.05.2020 - Kulakov Vladimir
Gold slips as new vaccine bolsters investor sentiment

Gold prices fell earlier in Asia on Tuesday even after a drop in the Dollar made the yellow metal slightly cheaper for investors with positions in other currencies.

Gold futures slid by 0.06% to $1,734.45 per ounce at 12:38 AM ET (5:38 AM GMT). Investors retreated from gold after U.S.-based biotech firm Novavax revealed a potential COVID-19 vaccine.

Novavax said that it hopes to have results from the first phase of its clinical trials for the vaccine by July. Depending on the results, phase 2 trials will commence in several countries.

Investor sentiment was also boosted after Japan lifted the state of emergency in the remaining 5 of its prefectures, including its capital Tokyo.    

Stocks, which usually move in the opposite direction to gold, gained on Tuesday morning.

Meanwhile, investors are looking into U.S. Fed Chairman Jerome Powell’s remarks on Friday during a virtual discussion in hopes to find hints on additional stimulus measures as well as the probability of negative interest rates.  

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?