11/27/2020, 2:33 PM (Source: TeleTrader)
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Gold drops below $1,800 as vaccine optimism grows

Prices of precious metals decreased on Friday, with gold dropping below the $1,800 threshold for the first time since July, amid the optimistic news surrounding the COVID-19 vaccine development.

While United States President Donald Trump announced that vaccine distribution in the US could start next week, the Russian State Research Center of Virology and Biotechnology (VECTOR) unveiled that mass inoculation could start in early 2021, igniting modest optimism among the investors, and turning them from trading in safe-haven assets.

Spot gold fell 0.88% to sell for 1,793.79 per ounce at 8:30 am ET, while silver sank 3.01% to $22.6 per ounce a minute later. Platinum slid 0.89% to $957.72 at 8:32 am ET, while palladium concurrently went down by 0.77% to go for $2,376.05 an ounce.

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