Gold was up on Wednesday morning in Asia, paring back losses from the previous session. U.S. COVID-19 stimulus hopes weakened the greenback and ever-rising coronavirus cases also pushed the market up.
Gold futures inched up 0.03% at $1,877 by 12:09 a.m. (ET).
Some of the shine has also worn off Pfizer’s Monday announcement of positive early results for its COVID-19 vaccine, with investors realizing that there is still a way to go before the vaccine meets all the requirements to be released publicly. Added to this are the logistical problems of distributing hundreds of millions of highly temperature sensitive doses.
Gold prices have been further boosted by the U.S. political situation. U.S. President Donald Trump is refusing to accept the results of the presidential election, with baseless claims of electoral fraud and cheating. This is throwing the expectations of a smooth transition of power into doubt and creating uncertainty in global markets, causing a push toward safe-haven assets such as gold.
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