Spot Gold Snaps Nine-Day Rally That Saw Metal Rise to a Record
- Results from a virus vaccine study help break gold’s momentum
- Fed warns more fallout from virus outbreak still lies ahead
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Gold retreated after a nine-day rally that included a record high as positive results from a vaccine study curbed demand for the metal as a haven, spurring investors to cash in recent gains.
Spot prices headed for the biggest decline in almost two months after news that an experimental coronavirus vaccine protected a group of macaque monkeys in an early study. The metal was also pressured as stocks pared losses, with gains in big technology companies ahead of earnings tempering concern over a slow economic rebound.