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Gold prices turn lower as stock market rallies on COVID-19 vaccine candidate

Monday, 18 May 2020 21:47 WIB GOLD EMAS

Gold prices headed lower on Monday, giving up earlier gains that had lifted prices toward their highest levels since 2012, as early positive results from a COVID-19 vaccine prompted a rally in the U.S. stock market, dulling haven demand for the precious metal. Gold for June delivery on Comex fell by $10.40, or 0.6%, to $1,745.90 an ounce. It had touched an intraday high of $1,775.80, which put the metal near its highest settlement since 2012. Last week, gold gained 2.5% based on the most-active contract at Friday’s close. Meanwhile, July silver surged 34 cents, or 2%, at $17.41 an ounce, after rallying by 8.2% last week. Source: Marketwatch

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