Gold prices slip amid fresh COVID-19 vaccine hopes, continued stimulus in Europe

17.07.2020 - Petr Mazaylo
Gold prices slip amid fresh COVID-19 vaccine hopes, continued stimulus in Europe

Gold prices traded lower in Asia on Friday morning amid hopes for COVID-19 vaccines from the U.S. and U.K. bolstered investor appetite. Sentiment was further boosted with the European Central Bank (ECB) signaling that it may leave interest rates and stimulus unchanged in the near future.

Gold futures slipped by 0.12% to $1,798.15 per ounce at 10:34 PM ET (3:34 AM GMT), falling slightly below the $1,800 mark.

European Central Bank President Christine Lagarde said during the ECB Governing Council meeting on Thursday that the central bank saw the current fiscal stimulus in Europe to remain necessary in the near future.

Meanwhile, U.S. biotech firm Moderna reported positive results earlier this week from early stage trials for its COVID-19 vaccine, which developed neutralizing antibodies in the bloodstream of all participants.

In the U.K., scientists have also developed a potential breakthrough for a COVID-19 vaccine that is being developed by researchers at Oxford University. The preliminary tests involved 5,000 volunteers and is currently underway in Brazil. Meanwhile, pharmaceutical company AstraZeneca has also agreed to have the vaccine mass-produced.

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