Fundamental view: The vaccines are coming – we’re saved! Although the arriving vaccines are great for humanity, they are bad for the price of gold. In November, Pfizer and BioNTech announced that their mRNA-based vaccine candidate, BNT162b2, had demonstrated evidence of an efficacy rate above 90% against COVID-19, in the first interim efficacy analysis. At the start of the week, [...]
Fundamental view: After starting the week on the back foot and printing fresh multi-month lows, the XAU/USD pair reversed its direction and snapped a three-week losing streak. Fueled by the broad-based USD weakness, the pair gained more than 2.5% on a weekly basis. The last nonfarm payroll report of the year was quickly shrugged off as softness [...]
Fundamental view: Gold is down for the third week in a row but it does not mean that the bull market is over, Some analysts are beginning to reverse their expectations of $2,000 gold by the end of the year. Analysts remain certain that the macro environment is still very supportive of higher gold; some [...]
Fundamental view: Gold markets have pulled back during the course of the week The upbeat Industrial Production and Retail Sales data from China revived hopes for a steady global economic recovery and provided a boost to market sentiment at the start of the week. Additionally, Moderna announced that its coronavirus vaccine candidate was 94.5% effective [...]
