Gold Set for 2nd Weekly Drop on Vaccine Optimism

Gold prices were headed for a second weekly decline on Friday on growing optimism about COVID-19 vaccines, with the U.S. Treasury’s call to end emergency loan programmes also limiting bullion’s safe-haven appeal.

Spot gold remained little changed at $1,866.75 U.S. per ounce and was down 1.1% for the week.

U.S. gold futures were up 0.2% at $1,865.70.

U.S. Treasury Secretary Steven Mnuchin said key lending programs at the Federal Reserve would expire on Dec. 31, casting doubts over the future of fiscal support.

Investors pulled $4 billion U.S. from gold, the biggest outflows ever, amid a rush for riskier assets last week, BofA said on Friday.

Silver rose 0.5% to $24.21 U.S. per ounce.

Platinum was up 0.1% at $952.60 U.S., while palladium rose 0.5% to $2,336.87 U.S.