Gold was up on Thursday morning in Asia after further losses in late Wednesday trading. COVID-19 vaccine optimism has been drawing attention away from gold, but a weakening dollar has returned attention to the safe-haven metal.
Gold futures were up 0.37% at $1,868.60 by 12:26 a.m. (ET).
Positive news about Pfizer Inc (NYSE:PFE) and BioNTech's (F:22UAy) COVID-19 vaccine has been encouraging risk-positive investment across global markets. However, the realization that a publicly available vaccine is still some way off is beginning to pull investors back toward safe-haven assets.
Gold fell 5% after the vaccine results were announced on Monday, the largest one-day fall for seven years. Market sentiment has been toward risk, with steep climbs in stocks over the period since the announcement. However, investors are starting to turn to risk-averse assets as caution reasserts itself.
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