LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » Personal Finance News

Gold extends fall as investors shift to ''risk on'' mode

Gold fell to a four-month low on Tuesday and looked set to dip below the $1,800 psychological level as progress on COVID-19 vaccines and hopes for a quick transition in the White House drove investors towards riskier assets.

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Gold`s slide also came despite a subdued dollar, which held close to a near three-month trough.
Updated: Tue, Nov 24, 2020
10:43 pm
Reuters

Gold fell to a four-month low on Tuesday and looked set to dip below the $1,800 psychological level as progress on COVID-19 vaccines and hopes for a quick transition in the White House drove investors towards riskier assets.

Spot gold dropped 1.7% to $1,804.81 an ounce by 11:40 a.m. EST (1640 GMT), after touching its lowest since July 17 at $1,800.01.

U.S. gold futures shed 1.9% to $1,802.40.

"More optimism in regard to the economy, based on the vaccines has taken some of the safe haven status away from the gold market," said David Meger, director of metals trading at High Ridge Futures.

"Less political concern moving forward" has also reduced the need for safe havens, Meger added.

Wall Street`s main indexes jumped after Joe Biden moved closer to take the reins of power in January with a formal nod.

"The game changer has been the ability of all the vaccines to show good promise," said George Gero, managing director at RBC Wealth Management, adding it is going to be a long climb back up for gold under these circumstances.

On Monday, safe-haven bullion lost 1.9% after another global drug company AstraZeneca announced promising trial results toward a vaccine.

Also, Biden is expected to nominate former Federal Reserve Chair Janet Yellen as U.S. Treasury secretary, and investors see Yellen as a force for more fiscal action to combat the economic crisis unleashed by the pandemic.

Gold`s slide also came despite a subdued dollar, which held close to a near three-month trough.

Bullion, a hedge against currency debasement and inflation, has is still up about 19% this year, mainly driven by unprecedented pandemic-led global stimulus.

Elsewhere, silver dipped 1.6% to $23.20 an ounce, platinum jumped 2.8% to $951.66 and palladium dropped 0.9% to $2,334.95.
 

The story has been taken from a news agency

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:

LATEST NEWS

Parents alert! Your kids spending long hours on smartphone? Don't panic - Read this

Tata Consumer share price: Sharekhan maintains Buy rating on Tata Consumer with a revised price target of Rs 740

Kareena Kapoor posts first photo of herself after welcoming second baby, says ''missed you all''

Stocks in Focus on March 1: IOC, Tata Motors, KEC International, RailTel Corporation to Bharti Airtel; here are the 5 Newsmakers of the Day

Stocks to buy with Anil Singhvi: Buy NBCC for bumper returns - Special Pick

LPG cylinder price today: Cooking gas gets costlier by Rs 25, second hike in four days—check new prices

WOW! Oscillation Trial: 180km per hour—WATCH new AC-3 tier coach clocks lightning speed

RailTel share price hits 20% upper circuit after steller listing in last session: Retail Investors are delighted

Heranba IPO allotment status: Finalisation date, direct BSE link to check share subscription

Indian Army Recruitment 2021: Apply for Technical Graduate Course on joinindianarmy.nic.in—Check age limit, last date, how to apply and more

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved