Gold deepens its losses to its lowest level in 4 months

Mohammed Abdelkhalik
November 24, 2020

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Gold prices retreated on Tuesday to deepen their losses for the second consecutive day, hitting the lowest level in four months. In light of the strong sentiment that dominates the markets, and weak demand for safe-haven assets, due to the actual start of the smooth transition of power in the United States. In addition to The positive news about Coronavirus vaccines continues.

Gold prices fell about 1.5% to $ 1,810.25, the lowest since July 20, from today’s opening level of $ 1,837.40, and reached the highest level at $ 1,839.00.


The precious metal “gold” ended yesterday’s trading, down by 1.7%, in its fourth loss in the past five days, due to the decline in demand for safe-haven assets.

Gold is dropping with the smooth delivery of power in the US

The US Services Administration officially announced that Democratic candidate Joe Biden has won the 2020 US presidential election, becoming the forty-sixth US president to succeed Republican President Donald Trump, whose term ends on January 20, 2021.

For his part, Donald Trump gave the services department the green light to start immediately the procedures for transferring power to the John Biden administration, and ordered his current team to cooperate with the new administration, and this is Trump’s official acknowledgment of defeat in the elections, despite his assurance of continuing legal challenges around the results of those The election.

John Biden plans to appoint former Federal Reserve Chair “Janet Yellen” as Secretary of the US Treasury, which enhances the possibility of more financial and monetary incentives to support the largest economy in the world to overcome the Corona virus crisis.

In the latest news about coronavirus vaccines, the Russian authorities announced on Tuesday that the Russian “Sputnik-V” vaccine is 95% effective in protecting people from infection with the Covid-19 virus, according to the final results from the last stage.

The British pharmaceutical giant “AstraZeneca” said on Monday that its vaccine developed jointly with the University of Oxford showed an average effectiveness of 70% in protecting against the Corona virus in the initial results of the third phase trials, and it could be 90% effective in the final results.


Author Mohammed Abdelkhalik

Professional Trader and Analyst, economist in Financial and Forex market since 2004.holds an MBA from the American University in Egypt. Mohammed works as an economic writer and technical & fundamental analyst for many international Forex and financial trading companies in both English and Arabic on a daily basis.