Gold-backed ETFs needed only the first 10 months of this year to set a record for the amount of gold added to their portfolios in one year, taking in more than 1,000 tons. © Reuters

Gold loses shine as investors get a shot of vaccine optimism

Price slides but weak dollar and renewed Asian buying support bull case for 2021

RURIKA IMAHASHI, Nikkei staff writer

December 14, 2020 06:08 JST

TOKYO -- The vaccines now offering the world potential exits from the yearlong coronavirus pandemic are having bearish effects on the gold market.

The New York benchmark price for the haven asset on Nov. 30 was at $1,790 per ounce, down 13% from Aug. 6, when it was at a record $2,069. On Dec. 10, the price sat near $1,838.