Gold News & Info

Source:Bill Musgrave, American Gold Exchange

AustinGold edged up less than 0.1% to close near $1,888 despite rallying stocks as risk sentiment stemming from a new COVID vaccine candidate was offset by deepening concerns over the resurgent pandemic. It was the metal's third straight rising session.

Moderna said today that its coronavirus vaccine has been effective in 94.5% of subjects in Phase 3 trials and remains stable under refrigeration for longer than expected. The good news comes one week after Pfizer/BioNTech announced a separate vaccine candidate was more than 90% effectiveness in similar trials.

Despite the need for additional data on both vaccines, Wall Street charged higher on hopes for an eventual economic rebound. The Dow and S&P 500 rose 1% and 0.7%, respectively, on their way to new all-time highs, while the Global Dow added 1.9%.

For now, however, the pandemic is accelerating. According to the New York Times tracker, the US has averaged more than 150,000 new cases per day for the past week, up 81% from two weeks ago, and hospitalizations have reached a new record. All 50 states are recording increases in cases, with several instituting new lockdown measures in the past few days to stop the spread.

Gold came under immediate pressure following the Moderna announcement, dropping more than 1% to an intraday low of $1,861 before rallying back to small gains as investors hedged against the bleak short-term outlook.

Also supporting safe-haven demand, factory activity in the New York Fed region slowed more than forecast, according to the Empire State survey, because of COVID-related headwinds.

The other precious metals were also higher, with silver adding 0.1% while platinum and palladium rose 3.5% and 0.7%, respectively.

At the Comex close: December gold added $1.60, to $1,887.80; December silver rose 3 cents to $24.80; January platinum rose $31.50 to $927.50; and December palladium picked up $15.40 to $2,345.10 an ounce.