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Every ounce of gold lost more than $ 30, hitting a 4-month low due to upbeat US economic data and expectations about the Covid-19 vaccine.
As the session closed on November 23, the global spot price of gold fell $ 33 to $ 1,837 an ounce. During the session, the price has a time of around $ 1,830, the lowest since 7/21.
“The price has broken below the key psychological level of $ 1,850, after the United States released an incredibly strong production data (PMI), which reduced demand for the fiscal stimulus package. Thus, both for manufacturing and for services, “said Edward Moya, senior market analyst at OANDA.
Gold price movements in the world spot in recent sessions.
The report released yesterday showed that manufacturing activities in the US in November increased the most in 5 years, making investors more optimistic about the health of the world’s largest economy. Earlier, the British pharmaceutical company AstraZeneca also said that its Covid-19 vaccine can be 90% effective without serious side effects.
“Investors are gradually returning to equities, because the market is less volatile than it used to be,” explains Jeffrey Sica, founder of Circle Squared Alternative Investments. it will be faster than expected. “
Another factor that reduces the attractiveness of precious metals is the strength of the dollar against other major currencies. This year, the price of gold has risen by more than 21%, mainly because investors want to avoid the risks of inflation and currency devaluation.
“Although global economies have begun to show a sustained recovery, the challenges behind it have not completely disappeared,” said Rhona O’Connell, an analyst at StoneX.
Yesterday, silver prices also fell 2.4% to $ 23.56 an ounce. Platinum lost 2.2% to $ 925.24.
Ha Thu (Theo Kitco, Reuters)
