Investing.com – Gold fell back under a bearish cloud on Monday as mixed messaging over Covid-19 vaccine rollouts and lockdown threats counteracted with the lack of fiscal aid for the pandemic ahead of the Fed’s monthly meeting.
Gold for February delivery on New York’s Comex settled down $11.50, or 0.6%, at $1,832.10 an ounce. That was the lowest for a Comex gold close since Dec. 2 as agreement for a COVID-19 economic stimulus remained out of reach.
The spot price of gold, which reflects real-time trades in bullion and which algorithms and hedge funds use to decide on immediate direction in futures, slid $12.74, or 0.7%, to $1,826.86 by 2:30 PM ET (19:30 GMT).
But gold also turned nearly positive at one point on Monday morning, almost matching the overnight high of $1,845.45. That came after mixed messaging over the Covid-19 vaccine program and the impact of new case counts on hospitalization. Read more…..
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Senate Majority Leader Mitch McConnell rejected a new bipartisan $908 billion stimulus plan put forward in an effort to break the legislative stalemate as the coronavirus surges throughout the country, and small businesses and the unemployed take the brunt of the blow.