Economics
Gold Falls From Four-Week High With Virus Drug Showing Promise
- Stocks jump on early study of Moderna Inc. vaccine in humans
- Haven demand pressured as some economies begin to reopen
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Gold futures fell from a four-week high as a promising study for an experimental coronavirus vaccine curbed demand for the metal as a haven.
Moderna Inc. said its vaccine tests yielded signs it can create an immune-system response in the body. The news boosted U.S. stocks to the highest since early March, while the dollar and Treasuries fell. Bullion had gained as much as 1.1% earlier after Federal Reserve Chairman Jerome Powell warned in comments aired Sunday that the U.S. economic recovery could stretch through until the end of next year and depend on the delivery of a vaccine.