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Gold prices have come under pressure again this week amidst a firm rally in risk assets. Better global risk sentiment, which has seen equities indices trading in the green across the week, has weighed on gold. A firmer USD has also pulled it down.
Risk sentiment has been boosted this week by further news regarding a potential COVID-19 vaccine. Following last week’s news that US biotech company Moderna had positive results from one of the medicines it has been trialing, Novavax announced this week that it has begun human testing one of its medicines. The medicine has shown potential as a vaccine and hopes to have initial results in as early as July.
Gold has seen a steady decline in safe-haven inflows over recent sessions. Optimism around easing global death figures for the virus and the easing of lockdown restrictions have provided encouragement.
Better data releases recently are also stoking hopes that the most severe point of the economic damage from the virus has now subsided a...
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