The price of gold is dropping due to the hopes of...

The price of gold continued to decline to its lowest level in four months today, Tuesday, as investors turned to high-risk assets after the pharmaceutical company, AstraZeneca, ignited the race for the Corona virus vaccine and the approval of a US federal agency to start the procedures for the presidential transition in the United States to Joe Biden.

The price of gold fell 0.5 percent to $ 1825.99 an ounce. It had fallen earlier to the lowest level since July 21 at $ 1820.45. It had lost up to 2.2 percent on Monday.

Asian stocks rose after AstraZeneca said yesterday that the effectiveness of its vaccine to prevent Covid-19 could reach 90 percent.

The risk appetite was boosted by President-elect Joe Biden’s approval of the General Services Administration for presidential transfers.

“The fact that there will be a smoother transition of power between President-elect Biden and is another reason to believe that the risk factors surrounding the recovery we are currently witnessing are reduced by at least one factor,” said Kyle Roda, an analyst at ING Markets.

Silver fell 0.7 percent to $ 23.40 an ounce, platinum rose 0.9 percent to $ 934.17, while palladium fell 0.8 percent to $ 2337.01.

These were the details of the news The price of gold is dropping due to the hopes of... for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.

It is also worth noting that the original news has been published and is available at saudi24news and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.

NEXT Saudi Arabia to allow Boeing 737 MAX to return to service