Thu. Jul 7th, 2022

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Gold prices ease again

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Gold prices inched lower on Wednesday as rapid progress in vaccine rollouts sparked hopes of a swift economic revival, with investors keeping a close watch on stimulus talks and the Federal Reserve’s policy statement.

Spot gold fell 0.1% to $1,852.01 per ounce by 0100 GMT after jumping 1.4% in the previous session. U.S. gold futures were little changed at $1,855.60.

Moderna Inc’s Covid-19 vaccine appears set for regulatory authorization in the United States this week, while rollouts of the country’s newly approved vaccine were expanded.

Across the Atlantic, Europeans are set to start getting coronavirus vaccines before the new year after the regional drug regulator accelerated its approval process.

Gold is seen as a hedge against inflation and currency debasement.

Holdings in the SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, fell 0.10% to 1,170.15 tonnes on Tuesday.

Silver dropped 0.1% to $24.46 per ounce. Platinum fell 0.2% to $1,034.25 and palladium was down by 0.1% at $2,315.09.

 

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