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Nov. 23, 2020, 1:39 p.m. EST

Gold prices end 1.8% lower Monday as vaccine progress slams precious metals

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By Mark DeCambre


Gold futures on Monday finished sharply lower as investors unloaded the metal amid news on prospective vaccines and treatments for COVID-19 that may be momentarily undercutting demand for precious metals. December gold /zigman2/quotes/210034565/delayed GC00 -0.46% settled off $34.60, or 1.8%, at $1,837.80 an ounce. The decline marked the steepest one-day drop for futures since a 5% drop on Nov. 9. The drop bullion comes as drugmakers are making progress on a COVID-19 vaccine. Drugmaker AstraZeneca said a study found the vaccine it is developing with the University of Oxford showed 90% efficacy in late-stage trials. Vaccine progress has been a drag on bullion because it undercuts the haven appeal for gold and silver, dealers say.

US : U.S.: Nymex
$ 1,842.30
-8.60 -0.46%
Volume: 185,858
Jan. 27, 2021 4:59p

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