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Gold prices continue to fall on Tuesday morning which is already negatively affecting the overall dynamics of the precious metals market. It even reached the lowest levels in the last few months. The reason for this is the news about the active development of a vaccine against coronavirus infection, paving way for risky assets to grow, while the "safe haven" fades into the background.
The price of gold futures contracts for delivery in December on the electronic trading platform in New York declined by 0.86% or $15.85, which sent it to $1,821. 95 per troy ounce. At the same time, support for the precious metal settled at $1,818.95 per troy ounce, and resistance moved to the area of $1,879. 20 per troy ounce, respectively.
The price of the silver futures contract for December delivery also dropped 0.98%, which pushed it to the level of $23.4 per troy ounce.
The downward trend in the value of precious metals did not cause too much concern until the last moment. The fact is that gold has not come out of the negative for the third consecutive trading session, and this already suggests that the strength that the metal showed earlier may be lost. For the past almost four weeks, the precious metal has been mostly affected by the same news that concerns the development of a vaccine against coronavirus infection. On the one hand, gold would have to get used to such factors of temporary instability, but, on the other hand, these factors were not as short-lived as experts hinted.
In addition, almost every day there are new positive details on the developments on vaccines and new drugs. In so far, there are two potential vaccines recently introduced to the public by American pharmaceutical companies Pfizer and Moderna. But on Monday, another drug is in progress which is introduced by AstraZeneca from the UK. Naturally, European investors could not help but be encouraged by this fact, even though the drug has not yet demonstrated a very high degree of effectiveness. Analysis of clinical trials revealed an average of 70% of its effectiveness. However, the very fact that such developments will soon allow us to start a more active fight against coronavirus and save the world from a pandemic is already causing a storm of approval.
The very fact that the world is currently developing not one, but several vaccines against coronavirus infection at the same time, inspires hope that the situation will change dramatically in the near future. Analysts say this will happen within the next six months. Of course, as a result, the value of the precious metal begins to decline, and hopes that its price will be able to exceed the level of $2,000 per troy ounce are gradually fading.
Among other things, the price of the precious metal is actively influenced by the political issue in the US. As it became known, Donald Trump is now ready to hand over the position of the Presidency to Joe Biden. All the necessary arrangements have already been made. Thus, the political tension and uncertainty that was observed until the last moment is gradually disappearing. Of course, in this situation, risky assets gain additional popularity, which puts pressure on precious metals.
The price of a copper futures contract for December delivery gained 0.44% which sent it to $3.2775 per pound.
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