2021.02.0209:48:00UTC+00Gold Prices Ease As Vaccine Pace Picks Up

Gold prices eased on Tuesday amid signs that the rollout of Covid-19 vaccines is picking up speed.

Spot gold dropped 0.7 percent to $1,847.05 an ounce, while U.S. gold futures were down 0.8 percent at $1,848.70.

Vaccination drives picked up pace across the world, with millions having already received their doses.

Everyone in Germany should have been offered a coronavirus vaccine by the end of September, Chancellor Angela Merkel said Monday.

The number of new coronavirus cases globally has fallen for the third week in a row, the World Health Organization (WHO) reported on Monday, but urged countries not to let up efforts to defeat the disease.

"There are still many countries with increasing numbers of cases, but at the global level, this is encouraging news," said WHO chief Tedros Adhanom Ghebreyesus.

"It shows this virus can be controlled, even with the new variants in circulation. And it shows that if we keep going with the same proven public health measures, we can prevent infections and save lives".

Meanwhile, India slashed import duties on gold and silver on Monday in a surprise move that industry officials say could bring down smuggling of the precious metal.

Presenting the Union Budget for 2021-22, Finance Minister Nirmala Sitharaman has slashed the import duties on gold and silver to 7.5 percent from 12.5 percent.

India, the world's second-biggest gold consumer, imports bulk of its gold and silver requirements.