Golden Scout - Gold Down on COVID-19 Worries

Gold was down on Tuesday morning in Asia, boosted by rising concern over the number of COVID-19 cases globally offsetting optimism over the latest vaccine development. A weaker dollar also gave the yellow metal a minor boost.

Gold futures inched down 0.07% at $1,886.45 by 12:33 a.m. (ET). The dollar was down on Tuesday morning.

Though recent appetite for risk has been high, continuing uncertainties brought on by the global COVID-19 pandemic and the unprecedented management of the U.S. presidential transition have maintained prices of the safe-haven asset.

Gold rapidly recovered from an overnight price slump, as investors clarified the likely timelines before a publicly available vaccination program was in place, pushing prices back to near parity with those on Tuesday.

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