Golden Scout - Gold Down on Vaccine Progress, Stronger Dollar

Gold was down on Thursday morning in Asia as Pfizer Inc (NYSE:PFE) announced safety data to advance its vaccine to the U.S. Food and Drug Administration (FDA) approval stage and the dollar firmed.

Gold futures were down 0.44% at $1,865.65 by 12:21 p.m. (ET). The dollar was up on Thursday morning.

A strengthening greenback has helped diminish appetite for gold, with the dollar rising as investors move from stocks to the more risk-averse asset. A stronger dollar makes gold more expensive in other currencies.

Adding to the downward pressure on the yellow metal is news from the Pfizer/BioNTech (F:22UAy) vaccine team that they have sufficient safety data to advance their vaccine candidate to the U.S FDA for emergency use approval within days.

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