By Bryan Wong
Investing.com- Gold was flat on Thursday morning in Asia, with investors retreating from the safe-haven asset over continued hopes of a COVID-19 vaccine.
Gold Futures were down by 0.02% to $1,813.35 by 1:10 AM ET (6:10 AM GMT).
Moderna (NASDAQ:MRNA)’s potential COVID-19 vaccine reported positive results from its early trials on Tuesday. The research team reported in the New England Journal of Medicine that all 45 test subjects developed neutralizing antibodies in their bloodstream at levels comparable to those found in people who survived COVID-19.
Dr. Anthony Fauci, the leading expert on infectious diseases in the U.S, also predicted on Wednesday that the country will meet its goal of a COVID-19 vaccine by year’s end, spurring hopes of an economic recovery.
Russia also successfully completed early stage trials of a COVID-19 vaccine. Developed by the First Moscow State Medical University and the Main Military Clinical Burdenko Hospital, the vaccine reported positive preliminary results on Wednesday.
In another development that dampened demand for gold, U.S. President Donald Trump indicated on Tuesday that he would not impose further sanctions on Chinese entities responsible for enacting Hong Kong's national security laws. The move aimed to cool down the simmering tensions between the U.S. and China after Trump removed Hong Kong's special trade status and signed broad sanctions on Chinese entities on Tuesday.