Gold held steady on Tuesday and the dollar edged lower as investors weighed concerns over spiking coronavirus cases against positive Covid-19 vaccine developments.

Spot gold traded flat at $1,887.68 per ounce, while U.S. gold futures were down 0.1 percent at $1,886.

WHO chief Tedros Adhanon Ghebrayesus hailed the “encouraging news” about Covid-19 vaccines, but stressed that complacency was not an option as cases in many counties continue to surge.

Drug maker Moderna announced on Monday that its coronavirus vaccine was 94.5 percent effective, joining Pfizer as a front-runner in the global race for a shot to tame a resurgent virus that has killed more than 1.3 million people worldwide.

Federal Reserve Vice Chair Richard Clarida on Monday acknowledged the successful tests of two coronavirus vaccine candidates as a positive for U.S. economic recovery, but said more support would be needed from fiscal and monetary authorities to ensure a strong recovery from the coronavirus pandemic.

Investors await U.S. reports on retail sales, industrial production and homebuilder confidence later in the day to gauge the health of the economic recovery.

Brexit talks also remained on investors’ radar, with reports suggesting that Britain could reach a post-Brexit trade agreement with the European Union by early next week.

Britain’s chief negotiator David Frost is said to have pinpointed ‘a possible landing zone’ between the EU and Britain in the seven days ahead, The Sun reported.

The material has been provided by InstaForex Company – www.instaforex.com

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