The yellow metal was in the red again Wednesday, less than 24 hours after clawing back some losses from Monday’s epic shakedown.
New York-traded gold for December delivery settled down $14.80, or 0.8%, at $1,861.40 an ounce.
The U.S. gold futures benchmark rose 1.2% in the previous session, finding shelter at just under $1,880, after Monday’s 4.5% collapse that took it to a four-month low of $1,848.
Spot gold, which reflects real-time trades in bullion, was down $12.53, or 0.7%, to $1,864.89 by 1:55 p.m. (ET).
Gold’s decline came as Wall Street was back to recycling risk on Wednesday, driving industrial stocks lower and big tech names higher.
The dollar also rose with that Wednesday’s realignment in risk, delivering a fresh knock on nemesis gold.
Pfizer’s vaccine news also sent 10-Year yields to their highest this week since the pandemic began, further pressuring gold.
Incumbent President Donald Trump has also refused to concede to Biden after losing last week’s U.S. election, further complicating any bipartisan efforts for a stimulus that would help lift gold prices.
The key area of support remains $1,850-$1,860 and it's looking very vulnerable in the near-term. More vaccine good news in the coming weeks is a big threat to that level.
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