Sign up to create alerts for Instruments,
Economic Events and content by followed authors
Free Sign Up Already have an account? Sign In
Quotes
All Instrument Types
- All Instrument Types
- Indices
- Equities
- ETFs
- Funds
- Commodities
- Currencies
- Crypto
- Bonds
- Certificates
Please try another search
Free Webinar - Decode the market's secrets! | Tuesday, May 30, 2023 | 01:00PM EDT Enroll Now
Gold Starts December on Up Note after Worst Month in Years
Published Nov 30, 2020 10:27PM ET
© Reuters.
By Gina Lee
Investing.com – Gold prices were up Tuesday morning in Asia, with the yellow metal starting December on a slightly positive note after coming off its worst month in four years.
Gold futures for February delivery were up 0.42% at $1,788.45 by 11:31 PM ET (3:31 AM GMT). Spot gold was up 0.17% against the dollar to $1,780.29.
Gold is coming off its third consecutive losing week and a loss of almost 6% through November. Investors sold off the safe-haven asset and poured into riskier investments like stocks and exchange traded funds (ETFs).
Investors now appear to be less focused on the renewed surge of COVID-19 cases around the world or new lockdowns in places as disparate as London, Hong Kong and Toronto and, instead, paying more attention to the likely approval of multiple COVID-19 vaccines in the coming weeks. Moderna Inc (NASDAQ:MRNA) said on Monday that it will request clearance for its vaccine candidate mRNA-1273 in the U.S. and Europe.
Gold investors have also taken a lead from testimony from US Federal Reserve Chairman Jerome Powell and Treasury Secretary Steve Mnuchin on Monday to the Senate Banking Committee, both of whom said the US economy is on the path to recovery but will need some help. Powell continues his testimony before Congress later in the day and on Wednesday, and the Fed meets for its last policy meeting of 2020 on Dec. 15 and 16.
Mnuchin called on Congress to use the CARES Act, worth $455 billion, to put in place a stimulus package to give the economy a boost. Powell, in turn, pointed to moderate growth as concern.
Risk assets investors may have also taken some cues from China’s Caixin manufacturing Purchasing Managers Index (PMI) for November, which came in at 54.9 in November, up from 53.6 in October.
Despite the mild uptick in morning trade in Asia, the mood for gold remains bearish. Gold prices have been falling since August, when they reached an all-time high of around $2,050.
Related Articles
Add Chart to Comment
Confirm Block
Are you sure you want to block %USER_NAME%?
By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.
%USER_NAME% was successfully added to your Block List
Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.
Report this comment
I feel that this comment is:
Comment flagged
Thank You!
Your report has been sent to our moderators for review
Add a Comment
We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
Enrich the conversation, don’t trash it.
Stay focused and on track. Only post material that’s relevant to the topic being discussed.
Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.