Gold Recovers After Sharp Decline

Gold Recovers After Sharp Decline Gold recovers after a sharp decline. In addition to the intense news flow at the weekend, gold prices, which decreased with the vaccine news on Monday, started to rise again. Gold prices declined with the increase in risk appetite, with the news that the potential vaccine announced on Monday was more than 90 percent effective. Having experienced the biggest decrease in the last three months, gold has started to rise again in today's transactions. While silver prices also increased, the dollar continued to depreciate. According to the study by Pfizer and BioNTech, a vaccine that provides great protection against coronavirus has been developed. This news triggered a global rally in risky assets, while precious metals and bonds fell sharply. Gold compensated some of its depreciation on Tuesday, with expectations about the future of an additional financial support package. The Federal Reserve warned that asset prices in key markets could be affected by economic developments still worsening due to the epidemic. “Prices have fallen due to the availability of the vaccine and the decline in demand for safe havens” said Edward Moya, Senior Market Analyst at Oanda Corp. Gold, which gained 0.9 percent at 11:36 am in Singapore, was traded at $ 1,879.60 per ounce. Gold prices dropped 5.2 percent on Monday. Silver prices rose 0.5 percent, while platinum rose 0.4 percent. The Bloomberg Dollar Spot Index fell 0.1% on Monday, after gaining 0.4%.