Gold was down on Thursday morning in Asia, with investors retreating from the safe-haven asset over continued hopes of a COVID-19 vaccine. Gold Futuresâ€¯were down by 0.02% to $1,813.35 by 1:10 AM ET (6:10 AM GMT).
Moderna (NASDAQ:MRNA)’s potential COVID-19 vaccine reported positive results from its early trials on Tuesday. The research team reported in the New England Journal of Medicine that all 45 test subjects developedâ€¯neutralizing antibodiesâ€¯in their bloodstream at levels comparable to those found in people who survived COVID-19.
Dr. Anthony Fauci, the leading expert on infectious diseases in the U.S, also predicted Wednesday that the country will meet its goal of a COVID-19 vaccine by year’s end, spurring hopes of an economic recovery.
Russia also successfully completed early stage trials of a COVID-19 vaccine. Developed by the First Moscow State Medical University and the Main Military Clinical Burdenko Hospital, the vaccine reported optimistic preliminary results on Wednesday.
In another development that dampened demand for gold, U.S. President Donald Trump indicated that he does not want to further aggravate tensions with China and will refrain from further sanctions on top officials for now.