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Gold Futures Fall From Eight-Year High on Factory Data, Vaccine

  • Vaccine hopes bolster demand for risk assets on Wednesday
  • Traders awaiting minutes from Fed’s most recent meeting
Freshly cast gold ingot bars in Krasnoyarsk, Russia.
Photographer: Andrey Rudakov/Bloomberg
Updated on

Gold futures slid from their highest price in more than eight years after better-than-expected U.S. manufacturing data and positive results from a coronavirus-vaccine trial eroded haven demand for the metal.

An early trial of an experimental vaccine from Pfizer Inc. and BioNtech SE showed it’s safe and prompted patients to produce antibodies against the new virus. Meanwhile, a measure of U.S. manufacturing jumped in June to the highest in more than a year, signaling the resumption of growth as pandemic-related lockdowns ended. Bullion posted its first loss in four sessions and its biggest in almost a month, while U.S. equities advanced.